ABERDEEN, Scotland, November 28, 2017 /PRNewswire/ --
Bibby Offshore Holdings Limited ("Bibby Offshore" or the "Group"), is delighted to announce that it has reached a comprehensive agreement on the recapitalisation of its balance sheet with noteholders who hold 80% of the £175 million 7.5% senior secured notes due 15 June 2021 (the "Notes") issued by its subsidiary Bibby Offshore Services Plc (the "Issuer"). The terms of the recapitalisation (when implemented, see below for details) will result in the Group having a substantially debt-free balance sheet with an equity injection of £50 million to enable it to consolidate and expand its position within the offshore inspection, repairs and maintenance and construction markets. At completion of the transaction, Bibby Line Group Limited ("BLG") will transfer its entire ownership in Bibby Offshore to the Group's noteholders.
The Group's delivery of high quality services to its customers has resulted in the Group's continued success securing new contracts. Since the end of the reporting period, Bibby Offshore has been awarded over 50 days of work through the traditionally quiet winter period, with work scopes in Q4 2017 and Q1 2018 utilising both the DSV and ROVSV fleets, from clients including Maersk, ConocoPhillips and Perenco. The summer campaign for 2018 has also continued to develop with approximately 100 days of work awarded in the past month for Q2 and Q3 2018.
From a cost perspective, the Group continues to focus on cost reductions and management have taken several actions to significantly reduce the onshore and offshore fixed cost base. In addition, since the start of Q3 2017 the Group has benefited from the flexible charter arrangements on the Bibby Topaz and reductions in the US cost base as previously announced. The Olympic Ares firm charter also ended on the 28 August 2017 providing further reduction in the fixed cost base, although the vessel continues to be available to the Group on a flexible project-by-project basis and has subsequently been deployed due to continued work demand.
Howard Woodcock, Chief Executive of Bibby Offshore, commented:
"This transaction will result in significant investment flowing into the business and will provide the Group with an excellent and robust financial platform from which to continue to weather current market conditions and to capitalise on future opportunities within the offshore services market as it improves over the medium term. The elimination of our debt service burden, when taken together with the benefits of our cost-saving initiatives, will position our business well to maximise cash flow through the current market downturn.
We look forward to continuing to provide a high quality, responsive service safely to our customers. We would also like to thank our customers and suppliers for the loyalty and patience they have shown whilst we have worked to complete this transaction, our existing shareholder BLG, for its cooperation and financial support to date, and our noteholders who have agreed to make a significant financial investment in the Group in order to support the business moving forward. "
Conference call details
There will be a conference call hosted by management with input from the Company's advisors to discuss today's announcement and comment on the Group's Q3 2017 results at 2:00 pm (GMT) on Tuesday, 5 December 2017.
Dial-in details for the call are shown below:
- 020-3059-8125 (UK)
- +44-20-3059-8125 (Rest of World)
The full details of this press release can also be found on our website at http://www.bibbyoffshore.com/news
Summary of the recapitalisation
At completion of the transaction, BLG will transfer its entire ownership in Bibby Offshore to the Group's noteholders. The terms of this transaction are set out in further detail below, together with copies of the full term sheets.
- The recapitalisation is based on a plan value of approximately £115 million, based on a pre-money firm value of approximately £65 million attributable to the existing £175 million Notes plus an additional £50 million of new money injected through the Rights Offering (as defined below).
- Based on a pre-money firm value of approximately £65 million attributable to the existing £175 million Notes, existing noteholders will be offered the opportunity to subscribe for their pro rata share of a rights offering in the total amount of
£50 million at a 45.7% discount to the theoretical ex-rights price, resulting in 80.0% equity in the post-restructured group being issued to such subscribers (the "Rights Offering").
- The proceeds from the Rights Offering will be injected into the post-restructured group at completion to be used for working capital, to repay the RCF, cash on balance sheet and transaction expenses.
Rights Offering Backstop
- As of today, noteholders holding 80% of the Notes have provided a backstop of 100% of the Rights Offering (the "Rights Offering Backstop").
- Subject to eligibility criteria, all existing noteholders will be given the opportunity to elect to participate in the Rights Offering Backstop on a basis pro rata to their holdings of the Notes until 5 January 2018.
- In order to participate in the Rights Offering Backstop, noteholders must, by no later than 5 January 2018, accede to: (i) a lock-up agreement; and (ii) a subscription agreement, both of which are available at the following website http://www.bibbyoffshore.com/news, and take certain other steps as set out in the practice statement letter which is described below. The accession deeds for both the lock-up agreement and the subscription agreement will also be appended to the practice statement letter which is described below.
- Eligible existing noteholders which elect to participate in the Rights Offering Backstop will receive a backstop fee of 4.0% of the equity in the post-restructured group on a basis pro rata to their underwriting commitments.
- The existing Notes, to which an aggregate pre-money value of approximately
£65 million is attributed, will be fully extinguished in exchange for new shares. Following the £50 million new money discounted rights issue and taking into account other carve-outs, the new shares issued for the existing Notes will represent 15.0% equity in the post-restructured group.
- Any noteholder which is unable to receive equity (or which fails to provide the information required in order to receive equity) will have its pro rata equity held on trust for a period of 18 months following which its equity will be sold at the best price reasonably obtainable at such time, and the proceeds distributed to such noteholder.
- In connection with the recapitalisation process and to ensure that there will be a smooth transition to the new owners, the Issuer's directors have resolved not to make the coupon payment that falls due on 15 December 2017 (subject to a
30-day grace period) pursuant to the Notes.
Restructuring Work Fee
- The largest noteholder who led the restructuring will be paid a monthly work fee of £200,000 for each calendar month (or part thereof) that it has participated in restructuring discussions as compensation for the intensive work that it has undertaken in respect of the restructuring, accruing from August 2017 through to the effective date of the restructuring, to be paid in (and not to exceed 1.0% of) equity in the post-restructured group (the "Restructuring Work Fee").
- Prior to dilution by the management incentive plan ("MIP") (the terms and quantum of which remain to be agreed following completion of the restructuring) the equity in the post-restructured group will be split as follows:
- A simple majority of the holders of equity in the post-restructured group (calculated excluding the MIP) will appoint directors, provided that the two largest minority investors holding at least 10% of the shares of the new parent company of the post-restructured group ("TopCo") shall be entitled to appoint a director (an "Investor Director"). Any 5% shareholders that have not appointed an Investor Director may appoint a board observer. The board will initially comprise five (5) members.
- Any dealings in equity in the post-restructured group will be subject to the following arrangements: (i) tag-along rights set at 50% of the outstanding shares; (ii) drag-along rights set at 50% of the outstanding shares for all cash (or other marketable securities) deals and drag-along rights set at 66.67% for other transactions; (iii) mandatory offer at 75% of the outstanding shares; and (iv) right of first refusal on transfers granted to 10% shareholders pro rata in respect of transfers to "restricted persons" (i.e. competitors of the Group) and right of offer for all shareholders in respect of all other transfers.
- Any fundamental changes to the nature and structure of the investment and any material transactions will require consent of a majority of 75% of the holders of equity in the post-restructured group.
- Shareholders will have a right to receive summaries of annual budget, annual audited financial statements and half-yearly unaudited financial statements. Such information will be provided to them on a private Intralinks website and, for the avoidance of doubt, no cleansing of shareholder information will be required.
- The governance and shareholder relationships described above will be documented by way of articles of association and, if required, a shareholders agreement.
Appointment of Independent Consultant on behalf of noteholders
- Within the next 7 days, Bibby Offshore will appoint an independent consultant on behalf of the noteholders to support management on the ongoing cash flow management and transition of the business to the new shareholders.
- BLG will have no equity in the post-restructured group.
- BLG will continue to support the Group's revolving credit facility until the restructuring effective date (at which point it will be repaid in full) and has provided funding under the Group's revolving credit facility in order to settle certain ongoing disputes with a vessel owner in the United States, in relation to the termination of a charter agreement in October 2015.
- BLG has entered into a lock-up agreement in relation to the restructuring, pursuant to which it has agreed to (i) provide customary and reasonable representations and undertakings related to support of and non-interference with the Restructuring and (ii) transfer all of its shares in Bibby Offshore to a new noteholder-owned holding company.
- BLG has also entered into (i) a transitional services agreement, which includes arrangements to ensure that the Group is transitioned to its new owners in an orderly manner and (ii) a brand and IP licence, pursuant to which the "Bibby Offshore" name and all associated intellectual property rights may continue to be used by the Group for a transition period of 12 months following the completion of the Restructuring and thereafter return to BLG.
- BLG and the Group have also agreed a tax loss sharing provision related to the sharing of the Group's tax losses in the 2016 and 2017 tax years.
- The transaction will be implemented by way of an English law scheme of arrangement, which requires the approval of a majority in number and at least 75% in value of the noteholders present and voting.
- Upon the sanctioning of the scheme of arrangement by the court, the transaction will be binding on all noteholders whether or not they voted or voted in favour of the scheme.
- The key dates for the scheme of arrangement, as currently anticipated, are:
- Further details will be provided in the practice statement letter which will be distributed by Bibby Offshore Services Plc on or around the date hereof.
- All operations are expected to continue as normal and without disruption throughout this process. The Group will continue to make all payments in full to its suppliers, trade partners and employees.
Bibby Offshore Holdings Limited: Third Quarter 2017 Results
Unaudited Quarter Year to Date Figures in GBP millions, unless otherwise stated Q3 2017 Q3 2016 YTD 2017 YTD 2016 Revenue 29.7 57.7 66.8 110.6 Operating profit / (loss) before one-off items (12.3) (1.6) (51.5) (26.5) One off items (6.4) (0.7) (6.6) (0.3) Operating profit / (loss) (18.7) (2.3) (58.1) (26.8) EBITDA before one-off items (8.8) 2.0 (40.4) (15.6) EBITDA (10.5) 1.3 (40.0) (15.9)
Note: EBITDA is defined as profit for the period plus finance costs, income taxes, depreciation and amortisation
OPERATIONAL AND FINANCIAL REVIEW
Results from operations
Unaudited Quarter Year to Date Figures in GBP millions, unless otherwise stated Q3 2017 Q3 2016 YTD 2017 YTD 2016 Project results (6.9) (5.1) (13.9) (9.6) Net operating asset costs (0.4) 7.4 (23.4) (5.1) One-off items (6.7) (0.5) (5.6) 0.3 Gross profit (14.0) 1.8 (42.9) (14.4) Project margin (23)% (10)% (21)% (8)% Vessel utilisation 63% 98% 48% 69%
Note: Utilisation is measured on the number of vessel working days divided by the days available, which excludes maintenance periods
The Group saw increased levels of activity in its core North Sea market during the third quarter compared to the previous reporting period, however, the summer season has been disappointing overall. The Group's financial results were also impacted by non-cash impairments following a review of vessel valuations. Low levels of utilisation, continued pressure on margins and the short term nature of the tendering market all impacted the Group's financial performance. Notwithstanding the market conditions, Bibby Offshore continues to deliver industry leading project execution for its clients, with repeat business remaining high and the framework agreements signed earlier in the year continuing to generate work.
Overall utilisation increased in Q3 driven by a seasonal increase in activity in the North Sea over the previous quarter, however this was partially offset by extended idle periods for the Bibby Sapphire in the US. The Group continued to see a trend towards short notice call-out work and growth in work scopes, once awarded.
North Sea Update
During the period the Group completed projects for ConocoPhillips, Engie, Fairfield, Apache, EnQuest, Maersk, Saipem, TAQA, CNR, Perenco and Endeavour. As a proven operator, Bibby Offshore continues to be awarded work by repeat clients.
The Framework Agreements continued to be utilised with ConocoPhillips and BP awarding work during the period. Both were significant campaigns, involving decommissioning work for ConocoPhillips and IRM work for BP.
Bibby Offshore has also successfully secured several new contracts since the period end.
The Olympic Bibby continues to work on short term contracts and therefore has not been placed into layup for the winter period yet as it has been in previous years.
In the US, the Bibby Sapphire commenced a short project for Shell during the period, however the market has been depressed compared to previous summer seasons. The cost reductions previously announced reduced the financial impact for the Group, however, given the ongoing difficult market conditions the Bibby Sapphire has now been placed into a period of minimum safe manning whilst we assess options.
As part of its ongoing cost reduction programme and focus on core geographies in which it operates, the Group took the decision to sell its fleet of ROVs in Singapore. This decision has allowed Bibby Offshore to immediately realise the value created by the team on the ground, with the sale of its five ROVs for which it received a net consideration of £3.5 million, after settling outstanding hire purchase agreements. The Group will also recognise savings from the cessation of its lease on the Loyang office and the reduction in associated personnel costs.
Reductions in Cost Base
Since the Group last reported, management have taken several actions to significantly reduce the onshore and offshore fixed cost base. In addition, since the start of Q3 the Group has benefited from the flexible charter arrangements on the Bibby Topaz and reductions in the US cost base as previously announced. The Olympic Ares firm charter also ended on
28 August 2017 providing further reduction in the fixed cost base, although the vessel continues to be available to the Group and has subsequently been deployed on a flexible project-by-project basis.
Since the end of the reporting period, the Group has continued to be successful in winning new contracts. Bibby Offshore have been awarded over 50 days' work through the traditionally quiet winter period, with work scopes in Q4 2017 and Q1 2018 utilising both the DSV and ROVSV, from clients including Maersk, ConocoPhillips and Perenco.
The summer campaign for 2018 has also continued to develop with approximately 100 days' of work awarded in the past month for Q2 and Q3 2018.
As noted in previous announcements, the Group received notification in January 2016 of a citation from a US vessel owner seeking compensation for the "termination" of a three-year charter agreement in October 2015, and a further citation was served by the vessel owner in March 2017 alleging common law fraud and racketeering. The Group has now reached settlement with all parties on this matter without any admission of guilt or liability by any party, and full provision is included in the quarter's results.
Bibby Offshore will enter 2018 with a strong balance sheet and a significantly reduced cost base. The recapitalisation of the business together with the improving market outlook, reflected in the growing summer campaign, means the Group is well placed to weather the current market conditions and to capitalise on new opportunities.
Unaudited Quarter Year to Date Figures in GBP millions, unless otherwise stated Q3 2017 Q3 2016 YTD 2017 YTD 2016 Revenue 29.7 57.7 66.8 110.6 Direct costs (37.0) (55.4) (104.1) (125.3) Direct costs - one-off (6.7) (0.5) (5.6) 0.3 Gross profit (14.0) 1.8 (42.9) (14.4) Administrative costs (4.1) (3.6) (12.9) (11.8) Administrative costs - one-off 0.3 (0.2) (1.0) (0.6) Foreign exchange (0.9) (0.3) (1.3) - Operating profit / (loss) (18.7) (2.3) (58.1) (26.8) Loss on sale of assets (2.1) - (2.4) - Interest (3.9) (3.7) (11.1) (11.1) Profit / (loss) before tax (24.7) (6.0) (71.6) (37.9) Tax (4.7) 0.2 2.3 5.3 Profit / (loss) after tax (29.4) (5.8) (69.3) (32.6) Currency translation on foreign operations 0.9 0.3 1.2 0.5 Total comprehensive income (28.5) (5.5) (68.1) (32.1) EBITDA - before one off items (8.8) 2.0 (40.4) (15.6) EBITDA (10.5) 1.3 (40.0) (15.9) EBITDA Margin (35)% 2% (60)% (14)% EBITDAR - before one off items (0.0) 11.5 (11.0) 11.8 EBITDAR (2.4) 10.8 (13.2) 11.5 EBITDAR Margin (8)% 19% (20)% 10% Gross debt 184.0 186.4 Cash and cash equivalents 3.1 55.8 Net Debt 180.9 130.6 Net Leverage N/M N/M
Note: EBITDAR is defined as EBITDA plus charter costs; where EBITDA is calculated as net profit for the period plus finance costs, income taxes, depreciation and amortisation.
Revenue in the quarter reflects the improving utilisation compared to Q1 and Q2 2017. We have seen a seasonal increase in the level of activities although we continue to see short gaps in the schedule, which reduces our ability to gain efficiencies from a continuous campaign of work. Despite the seasonal increase in activities the pressure on margins has not eased, impacting total revenue. Revenue also reflects the mix of work, which includes further air diving projects in shallower waters, which command lower day rates.
Utilisation across the whole fleet was 62% for the quarter (98% in Q3 2016) with the UK North Sea fleet achieving a 77% utilisation but offset by very low utilisation of only 3% in the US.
Given the continuing challenging market conditions the carrying value of revenue generating assets has been reviewed and a provision for non-cash impairment of assets of £7.0m has been recognised in the quarter.
Compared to the second quarter overheads continue to reduce as we pursue maximum efficiencies in our operations. Compared to the same period last year, gross overheads have reduced. However, on a net basis they have increased. This is due to increasing insurance premiums and IT software licence, depreciation on the new ERP system and lower recovery of £1.2m of overheads from projects due to the level of utilisation in the period. One off costs include the cost of redundancies in Houston and Singapore offset by releases of onerous lease provisions in line with the unwinding of the Singapore office lease.
Interest costs remain in line with previous year as borrowings remain largely unchanged, representing the £175m Bond which matures in 2021 and smaller amounts of Hire Purchase used to finance asset acquisitions.
Given the trading results we expect to generate corporation tax credits in the UK.
Reconciliation of operating profit to net cash flow from operating activities before taxation
Unaudited Quarter Year to Date Figures in GBP millions, unless otherwise stated Q3 2017 Q3 2016 YTD 2017 YTD 2016 Operating profit / (loss) (18.7) (2.3) (58.1) (26.8) Add: Depreciation & Amortisation 8.2 3.6 18.1 10.9 EBITDA (10.5) 1.3 (40.0) (15.9) Currency translation 1.0 0.1 1.5 - Taxation - - - 0.6 (Increase)/decrease in working capital 1.2 (11.8) 7.6 (11.4) Profit/(loss) on sale of fixed assets (2.1) - (2.4) - Net cash inflow / (outflow) from operating activities (10.4) (10.4) (33.3) (26.7) Investing activities 7.5 (0.4) 8.0 (3.6) Financing activities (1.2) (1.5) (8.4) (11.1) Increase / (decrease) in cash (4.1) (12.3) (33.7) (41.4) Closing cash balance 3.1 55.8 3.1 55.8
The net cash outflow from operating activities was £10.4m in the quarter (Q3 2016 £(10.4)m) reflecting the loss made in the quarter.
Tax payments relate to payments on account of the previous year's results. Given the trading position, there were no tax payments in Q3 2016 or 2017.
All capex continues to be discretionary with no material expenditure incurred during the quarter. Funds realised from the sale of ROVs generated net proceeds of £3.5m after repayment of the associated HP debt. An agreement was finalised to secure asset based funding for the recent new IT infrastructure and systems put in place to support our new ERP.
Financing payments relate to repayment of capital and interest on hire purchase agreements. No dividends were paid in the quarter. In the quarter to 30 September 2017 the group drew £2.0m of funding from the RCF with a further £5.4m drawn subsequent to the quarter end. As of 23 November a total of £7.4m is drawn with a further £0.3m utilised by the issue of performance bonds.
Cash and cash equivalents held on 30 September 2017 were £3.1m.
EXTRACTED FROM UNAUDITED CONDENSED GROUP FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2017
Condensed group statement of profit, loss and comprehensive income for the period ended 30 September 2017
2017 2016 2017 Non - 2017 2016 Non- 2016 Underlying Underlying Total Underlying Underlying Total GBPm GBPm GBPm GBPm GBPm GBPm Group turnover: continuing operations 66.8 - 66.8 110.6 110.6 Cost of sales (104.1) (5.6) (109.7) (125.3) 0.3 (125.0) Gross profit (37.3) (5.6) (42.9) (14.7) 0.3 (14.4) Administrative expenses (14.2) (1.0) (15.2) (11.8) (0.6) (12.4) Operating (loss)/profit: continuing operations (51.5) (6.6) (58.1) (26.5) (0.3) (26.8) (Loss)/profit on sale of tangible fixed assets (2.4) - (2.4) - - - Finance costs (net) (11.1) - (11.1) (11.1) - (11.1) (Loss)/profit on ordinary activities before taxation (65.0) (6.6) (71.6) (37.6) (0.3) (37.9) Tax on (loss)/profit on ordinary activities 0.9 1.4 2.3 5.2 0.1 5.3 (Loss)/profit for the financial period (64.1) (5.2) (69.3) (32.4) (0.2) (32.6) Currency translation difference on foreign operations 1.2 - 1.2 0.5 - 0.5 Total comprehensive (loss)/ income (62.9) (5.2) (68.1) (31.9) (0.2) (32.1)
The full unaudited condensed group financial statements are available at http://www.bibby-offshore.com/investors
Interim condensed group balance sheet as at 30 September 2017
Unaudited Unaudited 30 September 30 September 2017 2016 GBPm GBPm Fixed assets Tangible assets 84.1 116.6 Current assets Stocks 1.8 2.0 Debtors 28.7 51.0 Cash and cash equivalents 3.1 55.8 33.6 108.8 Creditors: amounts falling due within one year (33.5) (45.1) Net current assets 0.1 63.7 Total assets less current liabilities 84.2 180.3 Creditors: amounts falling due after more than one year (174.7) (177.3) Provisions for liabilities (9.4) (9.7) Net (liabilities)/assets (99.9) (6.7) Capital and reserves Called up share capital 17.0 17.0 Profit and loss reserve (116.9) (23.7) Shareholders' funds (99.9) (6.7)
The full unaudited interim condensed group financial statements are available at http://www.bibby-offshore.com/investors
Interim condensed group statement of changes in equity
As at 30 September 2016 Called-up Profit and share loss Unaudited capital reserve Total GBPm GBPm GBPm Audited 31 December 2015 17.0 8.4 25.4 Loss for the nine month period to 30 September 2016 - (32.6) (32.6) Currency translation difference on foreign operations - 0.5 0.5 Unaudited 30 September 2016 17.0 (23.7) (6.7) As at 30 September 2017 Called-up Profit and share loss Unaudited capital reserve Total GBPm GBPm GBPm Audited 31 December 2016 17.0 (48.8) (31.8) Loss for the nine month period to 30 September 2017 - (69.3) (69.3) Currency translation difference on foreign operations - 1.2 1.2 Unaudited 30 September 2017 17.0 (116.9) (99.9)
The full unaudited interim condensed group financial statements are available at http://www.bibby-offshore.com/investors
Interim condensed group cash flow statement for nine month period ended 30 September 2017
Unaudited Unaudited 9 months to 9 months to 30 September 30 September 2017 2016 GBPm GBPm Net cash (outflow)/inflow from operating activities (33.3) (26.7) Cash flows from investing activities: Proceeds from sale of tangible fixed assets 8.1 - Purchase of tangible and intangible assets (0.1) (3.8) Interest received - 0.2 Net cash flows from investing activities 8.0 (3.6) Cash flows from financing activities Repayments of hire purchase agreements (5.4) (3.8) Draw down on short term loan 2.0 - New obligations under hire purchase agreements 2.2 - Interest paid (7.2) (7.3) Net cash (outflow)/inflow from financing activities (8.4) (11.1) Net (decrease)/increase in cash and cash equivalents (33.7) (41.4) Cash and cash equivalents at beginning of year 36.8 97.2 Cash and cash equivalents at end of year 3.1 55.8 Reconciliation to cash and bank in hand Cash at bank and in hand 3.1 15.8 Short term money market investments - 40.0 3.1 55.8
The full unaudited interim condensed group financial statements are available at http://www.bibby-offshore.com/investors
Special note regarding forward looking statements
This announcement contains both historical and forward-looking statements. These forward-looking statements are not based on historical facts, but rather reflect our current expectations concerning future results and events and generally may be identified by the use of forward-looking words such as "anticipate", "expect", "suggests", "plan", "believe", "intend", "estimates", "targets", "projects", "should", "could", "would", "may", "will," "forecast", or other similar words. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by these forward-looking statements. Risks that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among other things: expenditures by the oil and gas industries, the demand for energy and the prices of oil, gas and refined products; delays or cancellations of projects in our backlog; our ability to win new contracts; inaccurate estimates of the cost of performing services when pricing contracts; reliance on a small number of key clients or contracts; the concentration of our business in one region and the disproportionate exposure to regional supply and demand factors; general economic conditions and their impact on operating performance and results of operations if our ability or our clients' ability to raise capital is affected; damage to our business reputation and safety record; environmental and operational risks beyond our control; our dependence on and ability to attract and retain skilled personnel, independent experts, technical and operational service providers and key members of management; our ability to maintain our competitive position; actions of third parties; our dependence on independent sub-contractors and our limited control over them; our need for additional capital to maintain and acquire competitive assets in anticipation of business growth; the unexpected lengths of time for which our vessels may be taken out of service; equipment or mechanical failures; changes in licensing and other regulatory requirements in the countries in which we do business; potential liabilities and increased compliance costs associated with operating within strict environmental regimes; our international operations and compliance with multiple regulatory regimes; risks inherent in the operation of our vessels; our inability to keep pace with technological developments in our industry; the availability of diving gas; adverse weather conditions; and disruptions in fuel supplies. Should one of these known or unknown risks materialize, or should our underlying assumptions prove incorrect, our future results could be adversely affected, causing these results to differ materially from those expressed in our forward-looking statements. These factors are not necessarily all of the important factors that could cause our actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could have material adverse effects on our future results. The forward-looking statements included in this release are made only as of the date of this release. We cannot assure you that projected results or events will be achieved. We do not intend, and do not assume any obligation to update any industry information or forward looking information set forth in this release to reflect subsequent events or circumstances.
Contact: Bibby Offshore - +44(0)1224-857755
SOURCE Bibby Offshore