Fletcher Shipping Stays Afloat

zoom Scottish oil field services firm Fletcher Shipping has managed to remain afloat in the last minute as it has struck a deal with a private investment fund. Following a major downturn in the offshore oil and gas industry, the company was forced into administration as it was experiencing cash problems. PricewaterhouseCoopers, which was appointed as the companys administrator, together with the companys lenders managed to strike a deal to sell the companys assets under an accelerated process. Namely, the companys PwC administrators transferred Fletchers assets to a new company, FS Shipping, within a pre-pack deal signed with investment firm Grovepoint Capital, writes the BBC. Under the deal, Grovepoint provided GBP 18 million to finance the transaction. The arrangement will allow the company to resume its operations, however shareholders and creditors would not be able to fully recover their lending. The deal also ensures stability to self-managed crew serving on board the companys vessels. The company has four ships in its fleet, FS Pegasus, FS Aquarius, FS Pisces and FS Taurus and two more on order. World Maritime News Staff