Restructured Vroon takes shape, with OSV fleet in play

“The future of our 40 offshore support vessels (OSVs) will be elsewhere, under new ownership. Several options to wind down this part of the fleet are being pursued and we expect to inform you on progress in the coming period,” said Vroon in a press statement. With global supply tight, the OSVs should draw strong interest.

Once it sells off its OSVs, the new Vroon’s fleet will consist of livestock carriers, product carriers, high-heat tankers and ERRVs.

Law firm Norton Rose Fulbright advised a committee of secured creditors on the first-of-its-kind restructuring, which used a parallel English scheme of arrangement and Dutch WHOA plan.

This restructuring involved certain lenders receiving participations in a new syndicated secured facility, while other lenders had their facilities amended and a debt-for-equity swap.

As part of the restructuring, majority ownership now rests with creditors, with the Vroon family retaining a small stake.

With the restructuring complete, Herman Marks relinquishes his role as chief executive, with Martijn Schouten taking the reins as of 15 June. Mr Schouten has extensive shipping experience, including as commercial director at Dutch marine contractor IHC, group chief executive and chief financial officer at Tompkins UK, and chief executive and chief financial officer at TI Geosciences.

Rob Schuyt will continue in his role as Vroon chief financial officer until a replacement is appointed.

A new supervisory board has been appointed, with Govert Marras-Hamers serving as chair, and joined by Falk Holtmann and Toine van Laack.