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Bibby Offshore - Completion of Recapitalisation
17 January 2018

Bibby Offshore Holdings Limited is delighted to announce that it has completed the recapitalisation of its balance sheet announced on 5 December 2017.

The comprehensive agreement on the recapitalisation of its balance sheet was approved by an overwhelming majority of 98.7% of noteholders of the £175 million 7.5% senior secured notes at the Scheme Meeting held on 10 January 2018.

The noteholders, which have provided significant support to the business, are now the new owners of the Bibby Offshore .

The recapitalisation was finalised yesterday (Wednesday, January 17th) and is effective immediately. This will result in Bibby Offshore having a substantially debt-free balance sheet with an equity injection of £50 million to enable it to reach its full potential by consolidating and expanding its position within the offshore inspection, repairs and maintenance and construction markets.

Bibby Offshore was supported throughout the transaction by Ernst & Young LLP, as financial adviser, and Latham & Watkins (London) LLP, as legal adviser.

Howard Woodcock, Chief Executive of Bibby Offshore, commented:

"The completion of the recapitalisation will be transformational for Bibby Offshore and is a major milestone for our business.

"The significant investment from Bibby Offshore's new owners and the improved capital structure will provide the financial platform for us to weather current market conditions and to build the Company with the full confidence of our customers, suppliers and employees.

"As the market improves, we will have the strength and flexibility to capitalise on new opportunities. Despite challenging market conditions, we have continued to secure new work and enjoyed the ongoing trust from all our customers, we have maintained service levels and are now ideally placed to do this into the future.

"I would like to once again thank the noteholders for their support during this process and for their significant financial investment in the Bibby Offshore's future success."

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What our employees say:

"It is amazing to see how much goes on around the Group of companies, the success achieved encourages you to keep working hard for the business...."

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