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Vroon confirms restructure, offshore fleet sale plans, CEO exit
Offshore vessel and tanker fleet owner Vroon says financial and management restructure plans are ’next step’ in events that began in January 2022 when lenders took control of company in debt for equity swap
According to the terms of an outline provided by Vroon, the company’s chief executive Herman Marks will step down as the shipowning company looks to unload its fleet of offshore vessels.
Vroon’s plan said the employees who work within its offshore operations division "are expected to transfer along with the vessels to new ownership". Vroon cited a timeline of 18 months for the divestment of its offshore fleet.
"In an orderly process, we will explore several options in the upcoming months to wind down our offshore fleet of 40 vessels. In the meantime, we will continue our operations as usual. Customers can rely on fulfillment of all contractual obligations. Any transfer of vessels to new ownership will take place in a controlled manner with the continued dedication of our staff," the Vroon outline said.
The company said its restructuring is the next step in an operational and financial shift communicated in 2022 and is referring to itself as ’the new Vroon’ as the restructuring plan is implemented.
Vroon said the plan had been delayed in its execution due to "market and geopolitical developments," but did not specify what those developments were.
"Restructuring is necessary because of a debt level due to consecutive economic setbacks that is simply too high to be paid off through normal operational and financial performance. Although the current (financial) performance of the company is resulting in a positive cash flow and a sufficient level of liquidity, the unsustainable high debt requires action. This was already communicated last year and as such is nothing new," according to the company.
Vroon intends to keep its deepsea fleet of livestock carriers, product tankers, high-heat tankers and emergency response and rescue vessels, saying the ’new Vroon’ will have "a solid financial basis with a long-term perspective".
"This fleet of around 60 vessels will be operated and supported by a workforce of around 1,400 highly experienced and well-qualified employees," Vroon said.
In addition to the sale of vessels, Vroon chief executive Mr Marks will resign, handing over management of the company to chief financial officer Rob Schuyt, who will act as interim chief executive.
"Given its focus, the new Vroon needs a renewed strategy. It makes sense to start this new era under new leadership. Hence Mr Marks has decided to pass on the helm and will step down as chief executive after having served Vroon for the past 22 years. The company is thankful for the many years of leadership Herman has brought to Vroon," the company said.
Vroon said its majority shareholding lenders had "confirmed their intention to commit to this restructuring plan" but that final lender approval is pending. Vroon cited a target date of 31 March 2023 for final agreement.
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