Subsea contractor goes under

Ceona Amazon: Buyer needed Ceona Amazon: Buyer needed

SEPTEMBER 18, 2015 — A U.K.-based SURF and heavy subsea construction contractor whose major shareholder is Goldman Sachs Capital Partners has ceased trading and gone into administration. Ceona is now being administered by EY (Ernst and Young); 102 employees have lost their jobs with just 18 being retained in London, Aberdeen and Houston to assist the administrators as they seek to realize value from the group's assets.

A priority will be to find a buyer for its flagship Ceona Amazon, delivered by shipbuilder Lloyd Werft, Bremerhaven, in 2014 and hailed as a game-changing deepwater subsea-tie-back and field development asset.

A signal that all was not well at Ceona came on September 4 when Norway's GC Rieber Shipping said it had terminated a five year charter entered into in March 2014 with Ceona Chartering (UK) Ltd for the subsea vessel Polar Onyx, "by reason of Ceona's default."

GC Rieber said Ceona had provided security, in the form of cash deposit in a Norwegian bank, equivalent to nine month's hire, and that it would seek to recover outstanding and future claims and losses through the cash deposit. In addition, said GC Rieber, it would seek to recover excess amounts through Ceona.

Ceona Ship Holdings Limited, Ceona Ship 1 Limited, Ceona Equipment Limited, Ceona Services (UK) Limited, Ceona Chartering (UK) Limited, Ceona Contracting (UK) Limited and Ceona Investments Limited are being administered by insolvency pactitioners Alan Robert Broom, Alan Michael Hudson and Colin Peter Dempster,

Ceona Crewing Ltd and Ceona Holdings Ltd are being administered by Stuart Arthur Gardner and Mr. Hudson

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