Offshore staff
LONDON — IOG has filed notice of its intention to go into administration, due to continuing underperformance of the wells on its Saturn Banks gas fields development in the UK southern North Sea.
The company aims to appoint administrators as soon as it is practicable to preserve the value of the business for creditors.
Board members have held talks with a group of senior secured bondholders and their advisers regarding a potential further capital injection and associated restructuring of the company.
These discussions should continue during the administration with a view to finding a potential restructuring solution that protects the operating subsidiaries, which are not entering administration.
Esa Ikaheimonen, chair of IOG, said, "The board is extremely disappointed to draw this unavoidable conclusion, having worked exhaustively to overcome the company's financial circumstances. We have not found a viable solution that would provide a return to shareholders. We regret the impact this outcome will have on our many stakeholders."
10.04.2023
