TEK-Ocean Group Limited’s Board of Directors have appointed voluntary administrators, pursuant to Section 436A of the Corporations Act 2001.

The company had previously explored options to re-capitalise and re-structure in the post-COVID environment while maintaining solvency and made solid progress.

However, despite having successfully completed numerous notable vessel and logistics projects, recent delays in major projects, in addition to larger global economic impacts, have resulted in the company undergoing short term liquidity challenges.

The company sees these challenges as short term and with significant assets and a strong, albeit moving, pipeline of activity forecast, a sound recovery is expected following the successful restructure or recapitalisation.

A TEK-Ocean Group spokesperson said: “We wish to thank our employees, clients, vendors, and all other related stakeholders for their continued support of our Australian owned and operated Company, that has an enviable track record for servicing the energy industry nationally over the last 15 years.”

The administrators are currently assessing the group’s financial position and viability, with a view to undertaking a restructure or recapitalisation or sale of the business.

“In this regard we are meeting with key stakeholders to ensure their support and ongoing collaboration during the administration process to continue trading on a business-as-usual basis,” said TEK-Ocean Group.

The administrators are seeking urgent expressions of interest for recapitalisation or acquisition of the group.