Boa Offshore AS and its subsidiaries (the “Boa Group”, the “Group” or the “Company”) has for several years been in a difficult financial position as a result of weak market conditions. The Company is preparing for a coming dialogue with its largest financial creditors, being banks and bondholders (the “Creditors”), related to the 2017 restructuring with maturity date in 4Q 2020. As part of the preparations, changes are made to increase the competence of the Company’s Board of Directors.
Ole T. Bjornevik has informed Boa Offshore AS that he – for the time being - is resigning as Chairman of the Board and he will withdraw from the Board of Directors. Existing member of the Board, Georg Scheel, has been appointed as the new Chairman of the company. In addition, the Board of Directors is further strengthened with Svein Sivertsen and Torbjørn Vik, both with in-depth experience from the industrial and financial sector.
Georg Scheel, new Chairman of the Board, is an experienced Norwegian lawyer within maritime law. He has been in top management of Nordisk Skipsrederforening (Nordic Defence Club) for many years and is now connected to the Scandinavian Institute of Maritime Law, University of Oslo.
“A constructive and professional dialogue with the Creditors is crucial for the Company in respect to the current financial situation. We emphasize that the liquidity situation in the Group is satisfactory. I look forward to continue with my contributions as part of the Board”, says Georg Scheel.
Svein Sivertsen, former CEO of Fokus Bank and Deputy CEO of the SINTEF Group, in addition the Chairman in Investor and Aker Yards, and Torbjørn Vik, former CEO of SpareBank 1 Oslo og Akershus, has been appointed as new Board Members.
The Board of Directors in Boa Offshore AS now consists of Georg Scheel, Oddvar Sørtømme, Svein Sivertsen and Torbjørn Vik.
For further information:
Georg Scheel, Chairman of the Board, Boa Offshore AS: +47 915 35 602.