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ROV NEWS: Stolt buys time to reorganise its finances

Posted on 30.12.2003 - 02:38 EST in ONSHORE NEWS by Rons_ROV_Links

Stolt Offshore said yesterday it had been granted an extension to the waiver of banking covenants while it discusses a long-term deal with lenders.

The offshore contractor has been plagued by financial problems in recent years, with losses surging from just £4million in 2001. At the end of November the company reported anticipated losses for 2003 of up to £261million, reflecting project deficits, asset writedowns, restructuring charges and weaker revenues.

That was more than treble the figure expected in June this year when Stolt said it expected to cut losses in the full year to £76.5million.

Stolt - which employs about 1,000 people in the North Sea, including 450 at Bucksburn, Aberdeen - specialises in technologically sophisticated deepwater engineering, flowline and pipeline laying, construction, inspection and maintenance services.

Its banking covenants have been extended until April 30.

December 30, 2003

Source: This is North Scotland

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