APRIL 24, 2013 — Danish tanker operator Torm is looking for a new Chief Financial Operator.
Saying that "now is the right time for me to embark on a new journey in my professional life," Roland M. Andersen today tendered his resignation. He will continue his normal duties on the Executive Board and leave the company at the latest by the end of October 2013. The search process for a new CFO will be initiated immediately.
Mr. Andersen noted that Torm has now completed the work of getting a Restructuring Agreement in place, "the company's situation has stabilized and the Annual General Meeting has approved the Annual Report for 2012."
Recently Torm entered into an agreement to sell five MR product tankers to a company controlled by Oaktree Capital Management as a consequence of the specific option rights, which one bank group exercised in connection with the Restructuring Agreement.
Oaktree will place the five vessels under Torm's commercial management in a revenue sharing scheme, and utilize Torm's integrated operating platform for technical management. Torm retains an upside potential through a profit split mechanism if Oaktree generates a return above a specified threshold.
The transaction will produce a P&L loss of approximately $5 million which will be recognized in Torm's financial statements in the second quarter of 2013. Torm is forecast ing a 2013 loss before tax of $100-150 million before potential additional vessel sales and impairment charges.
Following the product tanker sale to Oaktree, Torm's owned fleet consists of 60 product tankers and two dry bulk vessels.