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DeepOcean has announced that it has commenced a restructuring process in relation to three UK subsidiaries in its Cable Laying and Trenching business (the CL&T Group), which will enable the CL&T Group to be wound down on a solvent basis.
The process follows an extended period of loss-making operations by the CL&T Group and reflects changes in the industry’s procurement strategies and available installation capacity, as well as a mismatch between the CL&T Group’s contractual commitments and market conditions. DeepOcean provides subsea services for all project phases, from survey and inspection through to decommissioning, and only the services provided by the CL&T Group will be affected by the restructuring process.
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