The numerous technical and operational breakdowns that contributed to the Deepwater Horizon oil rig explosion and spill from the Macondo well in the Gulf suggest the lack of a suitable approach for
Things went wrong after an early morning engine room fire turned an “at sea” day into a nightmare of failed air conditioning, non-working toilets. And hours of waiting on line for a less-than-gourmet buffet of Spam and Pop Tarts dropped from a Navy helicopter.
Carnival’s Senior Cruise Director John Heald who was on the Carnival Splendor, blogged from the ship:
“There will be those who will say this has been ‘the cruise from hell.’ However, when you see the local news reporter with the huge hair talking to Mr. Angry remember that there are many many many many more who will tell you what they have been telling me and the crew and that is that Carnival as a company have done everything they can and continue to do so to help them through this difficult situation.
“One thing is for certain though … I doubt anyone onboard will ever ever want to eat a sandwich ever again.”
Still unanswered is the question of what caused the fire that broke out in the ship’s aft engine room at 6.A.M. Monday. The CoastGuard says that a preliminary investigation has been started and that the fire “was extinguished by onboard ship responders using installed systems. As a result, the ship’s generator lost power, disabling the vessel.”
Least likely cause? The one put forward by various blogosphere nuts who claim to have seen internal Russian security reports that the cruise ship was disabled by an EMP missile fired from a Chinese submarine.
November 12,2010
According to a document filed with the court, the companies have total debts estimated at $353.6 million and assets of $30.56 million. The largest single unsecured creditor is Joseph S. Compofelice with a claim in relation to an employment agreement of $2.4 million, which is categorized as “contingent, unliquidated, disputed and subject to set off.”
Mr. Compofelice was replaced as the company’s Chairman, President and Chief Executive Officer on May 29.
You can access court documents and other general information about the Chapter 11 cases HERE
Aside from the Cayman Islands holding company, Trico’s foreign subsidiaries were not included in the filing and will not be subject to the requirements of the U.S. Bankruptcy Code. Trico says that its U.S. and worldwide operations are expected to continue without interruption during the restructuring process.
Chairman of the Board of Directors, President and Chief Executive Officer, Richard A. Bachmann commented, “Over the last several months, we have worked diligently to improve our liquidity, including through the sale of $3 million of non-core assets, the sale of a North Sea class vessel for $16 million and additional cost-cutting initiatives. While we are beginning to see indications of improved operational performance, the combination of a sluggish economy, a highly leveraged balance sheet and imminent interest payments due, has led us to determine that a court-supervised restructuring is the best course of action for the company and its stakeholders. While we are continuing discussions with our lenders, the Board decided to begin this process now in order to get the company’s restructuring underway without delay. We intend to move through this process as quickly as possible. Throughout the restructuring process, we will remain focused on operating our business worldwide while continuing our efforts to manage costs, strengthen our balance sheet and gain financial flexibility in order to position Trico as a strong and profitable competitor in our industry.”
In conjunction with the filing, Trico has received a commitment for up to $35 million in debtor-in-possession (DIP) financing from Tennenbaum DIP Opportunity Fund and other funds managed by Tennenbaum Capital Partners, LLC, of which $10 million will represent incremental liquidity. The company says it “expects that, upon court approval and satisfaction of other customary conditions, the DIP financing, combined with cash from the company’s ongoing operations, will provide funding to support the business. In addition, the company anticipates that it will meet its obligations going forward to its employees, customers and suppliers.”
Separately, the company announced that Trico Shipping AS and its affiliates have reached an agreement in principle for $22 million in senior secured multi-draw term loan financing from certain holders of its 11 7/8% Senior Secured Notes (the “Trico Shipping Notes”) representing approximately 80% of the Trico Shipping Notes and from Tennenbaum. The closing of this financing arrangement is subject to obtaining required consents, as well as certain other closing conditions of Trico Shipping AS and its affiliates. This financing would be used to fund operating expenses and other working capital needs.
“We look forward to working together with all of our stakeholders to complete a successful financial restructuring,” said Mr. Bachmann. “Our global operations are expected to continue without interruption throughout the restructuring process, and we remain committed to providing our customers with high quality service. We appreciate the ongoing dedication of all our employees, whose hard work is critical to our success and the future of the company.”
Trico will file a series of motions with the court to ensure the continuation of normal operations, including requesting court approval to continue paying employee wages and salaries and providing employee benefits without interruption and to continue use of its bank accounts and insurance policies. The company expects the court to approve these requests. The company says that during the Chapter 11 process, suppliers will be paid in full for all goods and services provided after the filing date as required by the U.S. Bankruptcy Code, and Trico has taken steps to ensure continued supply of goods and services to its customers.
According to a document filed with the court, the companies have total debts estimated at $353.6 million and assets of $30.56 million. The largest single unsecured creditor is Joseph S. Compofelice with a claim in relation to an employment agreement of $2.4 million, which is categorized as “contingent, unliquidated, disputed and subject to set off.”
Mr. Compofelice was replaced as the company’s Chairman, President and Chief Executive Officer on May 29.
You can access court documents and other general information about the Chapter 11 cases HERE
Aside from the Cayman Islands holding company, Trico’s foreign subsidiaries were not included in the filing and will not be subject to the requirements of the U.S. Bankruptcy Code. Trico says that its U.S. and worldwide operations are expected to continue without interruption during the restructuring process.
Chairman of the Board of Directors, President and Chief Executive Officer, Richard A. Bachmann commented, “Over the last several months, we have worked diligently to improve our liquidity, including through the sale of $3 million of non-core assets, the sale of a North Sea class vessel for $16 million and additional cost-cutting initiatives. While we are beginning to see indications of improved operational performance, the combination of a sluggish economy, a highly leveraged balance sheet and imminent interest payments due, has led us to determine that a court-supervised restructuring is the best course of action for the company and its stakeholders. While we are continuing discussions with our lenders, the Board decided to begin this process now in order to get the company’s restructuring underway without delay. We intend to move through this process as quickly as possible. Throughout the restructuring process, we will remain focused on operating our business worldwide while continuing our efforts to manage costs, strengthen our balance sheet and gain financial flexibility in order to position Trico as a strong and profitable competitor in our industry.”
In conjunction with the filing, Trico has received a commitment for up to $35 million in debtor-in-possession (DIP) financing from Tennenbaum DIP Opportunity Fund and other funds managed by Tennenbaum Capital Partners, LLC, of which $10 million will represent incremental liquidity. The company says it “expects that, upon court approval and satisfaction of other customary conditions, the DIP financing, combined with cash from the company’s ongoing operations, will provide funding to support the business. In addition, the company anticipates that it will meet its obligations going forward to its employees, customers and suppliers.”
Separately, the company announced that Trico Shipping AS and its affiliates have reached an agreement in principle for $22 million in senior secured multi-draw term loan financing from certain holders of its 11 7/8% Senior Secured Notes (the “Trico Shipping Notes”) representing approximately 80% of the Trico Shipping Notes and from Tennenbaum. The closing of this financing arrangement is subject to obtaining required consents, as well as certain other closing conditions of Trico Shipping AS and its affiliates. This financing would be used to fund operating expenses and other working capital needs.
“We look forward to working together with all of our stakeholders to complete a successful financial restructuring,” said Mr. Bachmann. “Our global operations are expected to continue without interruption throughout the restructuring process, and we remain committed to providing our customers with high quality service. We appreciate the ongoing dedication of all our employees, whose hard work is critical to our success and the future of the company.”
Trico will file a series of motions with the court to ensure the continuation of normal operations, including requesting court approval to continue paying employee wages and salaries and providing employee benefits without interruption and to continue use of its bank accounts and insurance policies. The company expects the court to approve these requests. The company says that during the Chapter 11 process, suppliers will be paid in full for all goods and services provided after the filing date as required by the U.S. Bankruptcy Code, and Trico has taken steps to ensure continued supply of goods and services to its customers.
According to a document filed with the court, the companies have total debts estimated at $353.6 million and assets of $30.56 million. The largest single unsecured creditor is Joseph S. Compofelice with a claim in relation to an employment agreement of $2.4 million, which is categorized as “contingent, unliquidated, disputed and subject to set off.”
Mr. Compofelice was replaced as the company’s Chairman, President and Chief Executive Officer on May 29.
You can access court documents and other general information about the Chapter 11 cases HERE
Aside from the Cayman Islands holding company, Trico’s foreign subsidiaries were not included in the filing and will not be subject to the requirements of the U.S. Bankruptcy Code. Trico says that its U.S. and worldwide operations are expected to continue without interruption during the restructuring process.
Chairman of the Board of Directors, President and Chief Executive Officer, Richard A. Bachmann commented, “Over the last several months, we have worked diligently to improve our liquidity, including through the sale of $3 million of non-core assets, the sale of a North Sea class vessel for $16 million and additional cost-cutting initiatives. While we are beginning to see indications of improved operational performance, the combination of a sluggish economy, a highly leveraged balance sheet and imminent interest payments due, has led us to determine that a court-supervised restructuring is the best course of action for the company and its stakeholders. While we are continuing discussions with our lenders, the Board decided to begin this process now in order to get the company’s restructuring underway without delay. We intend to move through this process as quickly as possible. Throughout the restructuring process, we will remain focused on operating our business worldwide while continuing our efforts to manage costs, strengthen our balance sheet and gain financial flexibility in order to position Trico as a strong and profitable competitor in our industry.”
In conjunction with the filing, Trico has received a commitment for up to $35 million in debtor-in-possession (DIP) financing from Tennenbaum DIP Opportunity Fund and other funds managed by Tennenbaum Capital Partners, LLC, of which $10 million will represent incremental liquidity. The company says it “expects that, upon court approval and satisfaction of other customary conditions, the DIP financing, combined with cash from the company’s ongoing operations, will provide funding to support the business. In addition, the company anticipates that it will meet its obligations going forward to its employees, customers and suppliers.”
Separately, the company announced that Trico Shipping AS and its affiliates have reached an agreement in principle for $22 million in senior secured multi-draw term loan financing from certain holders of its 11 7/8% Senior Secured Notes (the “Trico Shipping Notes”) representing approximately 80% of the Trico Shipping Notes and from Tennenbaum. The closing of this financing arrangement is subject to obtaining required consents, as well as certain other closing conditions of Trico Shipping AS and its affiliates. This financing would be used to fund operating expenses and other working capital needs.
“We look forward to working together with all of our stakeholders to complete a successful financial restructuring,” said Mr. Bachmann. “Our global operations are expected to continue without interruption throughout the restructuring process, and we remain committed to providing our customers with high quality service. We appreciate the ongoing dedication of all our employees, whose hard work is critical to our success and the future of the company.”
Trico will file a series of motions with the court to ensure the continuation of normal operations, including requesting court approval to continue paying employee wages and salaries and providing employee benefits without interruption and to continue use of its bank accounts and insurance policies. The company expects the court to approve these requests. The company says that during the Chapter 11 process, suppliers will be paid in full for all goods and services provided after the filing date as required by the U.S. Bankruptcy Code, and Trico has taken steps to ensure continued supply of goods and services to its customers.
According to a document filed with the court, the companies have total debts estimated at $353.6 million and assets of $30.56 million. The largest single unsecured creditor is Joseph S. Compofelice with a claim in relation to an employment agreement of $2.4 million, which is categorized as “contingent, unliquidated, disputed and subject to set off.”
Mr. Compofelice was replaced as the company’s Chairman, President and Chief Executive Officer on May 29.
You can access court documents and other general information about the Chapter 11 cases HERE
Aside from the Cayman Islands holding company, Trico’s foreign subsidiaries were not included in the filing and will not be subject to the requirements of the U.S. Bankruptcy Code. Trico says that its U.S. and worldwide operations are expected to continue without interruption during the restructuring process.
Chairman of the Board of Directors, President and Chief Executive Officer, Richard A. Bachmann commented, “Over the last several months, we have worked diligently to improve our liquidity, including through the sale of $3 million of non-core assets, the sale of a North Sea class vessel for $16 million and additional cost-cutting initiatives. While we are beginning to see indications of improved operational performance, the combination of a sluggish economy, a highly leveraged balance sheet and imminent interest payments due, has led us to determine that a court-supervised restructuring is the best course of action for the company and its stakeholders. While we are continuing discussions with our lenders, the Board decided to begin this process now in order to get the company’s restructuring underway without delay. We intend to move through this process as quickly as possible. Throughout the restructuring process, we will remain focused on operating our business worldwide while continuing our efforts to manage costs, strengthen our balance sheet and gain financial flexibility in order to position Trico as a strong and profitable competitor in our industry.”
In conjunction with the filing, Trico has received a commitment for up to $35 million in debtor-in-possession (DIP) financing from Tennenbaum DIP Opportunity Fund and other funds managed by Tennenbaum Capital Partners, LLC, of which $10 million will represent incremental liquidity. The company says it “expects that, upon court approval and satisfaction of other customary conditions, the DIP financing, combined with cash from the company’s ongoing operations, will provide funding to support the business. In addition, the company anticipates that it will meet its obligations going forward to its employees, customers and suppliers.”
Separately, the company announced that Trico Shipping AS and its affiliates have reached an agreement in principle for $22 million in senior secured multi-draw term loan financing from certain holders of its 11 7/8% Senior Secured Notes (the “Trico Shipping Notes”) representing approximately 80% of the Trico Shipping Notes and from Tennenbaum. The closing of this financing arrangement is subject to obtaining required consents, as well as certain other closing conditions of Trico Shipping AS and its affiliates. This financing would be used to fund operating expenses and other working capital needs.
“We look forward to working together with all of our stakeholders to complete a successful financial restructuring,” said Mr. Bachmann. “Our global operations are expected to continue without interruption throughout the restructuring process, and we remain committed to providing our customers with high quality service. We appreciate the ongoing dedication of all our employees, whose hard work is critical to our success and the future of the company.”
Trico will file a series of motions with the court to ensure the continuation of normal operations, including requesting court approval to continue paying employee wages and salaries and providing employee benefits without interruption and to continue use of its bank accounts and insurance policies. The company expects the court to approve these requests. The company says that during the Chapter 11 process, suppliers will be paid in full for all goods and services provided after the filing date as required by the U.S. Bankruptcy Code, and Trico has taken steps to ensure continued supply of goods and services to its customers.
The vessels are scheduled for delivery in the second and third quarters of 2012. The hulls will be built at the Braila shipyard in Romania, and outfitted in Brevik, Norway. The total value of the contracts amounts to approximately NOK 900 million (about $143 million).
The vessels are of Rolls-Royce UT776 CDG design. Island Offshore has four UT776’s in service and two more under construction. The vessels just ordered at STX Offshore Norway will be the first for Island Offshore to be LNG-fueled and, in fact, the first LNG fueled UT vessels designed and powered by Rolls-Royce.
“We are extremely happy with the performance of these UT vessels, as are our clients,” said Island Offshore Managing Director Håvard Ulstein. “A very important area for Island Offshore is reduction in fuel consumption. With the UT 776, the favourable hull lines contribute to a very low consumption rate over a wide range of operating drafts. We believe that the most significant contribution to reducing emissions is to reduce fuel consumption for a given amount of work done. Going for LNG fuel is a logical step in reducing emissions even further.”
Rolls-Royce has worked for several years developing designs and systems for offshore vessels using LNG as fuel.
Rolls-Royce has developed a gas-electric diesel-electric propulsion system for the new vessel. The effective capacity of the gas tanks is about 200 cu.m, corresponding to 10-20 day operation on gas alone depending on the exact operational profile. The gas engines are two of the new C26:33 series from Rolls-Royce.
“Now that more gas infrastructure is in place, it is realistic for customers to select this fuel and these designs and systems” commented Atle Gaasø,Rolls-Royce’s General Manager Sales for offshore service vessels. “We are very happy to be working with Island Offshore, as they are a very forward-thinking company with a strong focus on efficiency and the environment, as they have already shown with their pioneering Rolls-Royce designed well intervention vessels.”
“The UT 776 type has seen continued development from order to order, with our newest vessels building upon the experience and lessons learned from our earlier ones. By choosing this design we have managed to maintain high levels of standardization, and continue the good cooperation on design and equipment we have with Rolls-Royce. The current design sets a standard that we think will do very well for the future,” added Håvard Ulstein.
The new UT776 CDG is 96 m long with a beam of 20 m, and will transport all normal offshore supplies. The ship will also be equipped for oil recovery. Deadweight is approximately 4,750 t
Roy Reite, President of STX Norway Offshore, says: “We appreciate the good relations we have with Island Offshore, and that this cooperation once again has led to the building of new vessels. We have in total been awarded more than thirty new building contracts with Island Offshore, and we look forward to continuing the good cooperation.”
