Bond trustee appoints receiver for OSA Goliath shares in Singapore

By Caroline Salls

Pittsburgh, March 5 - OSA Goliath Pte. Ltd. 12% senior secured bond trustee Norsk Tillitsmann ASA has exercised its rights over the company's shares to appoint a receiver for the shares in Singapore, effectively removing Oceanografia SA de CV from its control over OSA Goliath, according to a notice from the trustee.

As previously reported, the trustee also replaced OSA Goliath's board of directors with independent directors. Norsk Tillitsmann said the new board terminated the bareboat charter with Oceanografia and assumed control of the OSA Goliath vessel.

The board plans to sell the vessel, according to the notice.

The trustee said in Wednesday's notice that it also enforced its pledge over some bank accounts and has received a total of $8.93 million.

As previously reported, OSA Goliath is in default on its 12% senior secured bond issue 2013/2018, and payment of the $215.38 million principal, interest and make-whole premium due on the bonds was accelerated.

The trustee said the default stemmed from a growing concern for the company's financial stability and a response to a letter from Norsk Tillitsmann that made it clear that OSA Goliath parent Oceanografia failed to pay charter hire for the company's offshore supply ship and is in payment default of the corporate bond issue.

Oceanografia is an offshore oil engineering services company.

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