OSA Goliath bond trustee seeks clarity on issues tied to vessel sale

By Caroline Salls

Pittsburgh, July 11 – OSA Goliath Pte. Ltd. bond trustee Nordic Trustee ASA wants to hold discussions with Mexican authorities to seek clarity on legal issues in connection with the sale of the company’s OSA Goliath vessel, according to a release from the trustee.

Nordic Trustee said the vessel has been marketed, and talks will continue with parties who placed the best bids.

However, the trustee said it was made aware of rumors of intervention in the sale process in Aruba and/or Panama. Nordic Trustee said its legal team has not found any intervention that would prevent closing of the vessel sale.

In addition, the trustee said there are legal uncertainties about potential challenges to using the vessel in Mexico in light of seizures taken by authorities in relation to OSA parent Oceanografia SA.

According to the release, it is possible that this uncertainty could affect the value of the vessel to the detriment of OSA’s stakeholders and could make the return of the vessel to Mexican waters challenging.

The talks with Mexican authorities are designed to prove that an event of default declared on the bonds in February was legal, that the vessel is owned by OSA and not by Oceanografia.

The trustee said it wants to conclude these issues as soon as possible so the ongoing costs of the vessel, which it is funding, do not further dilute recoveries for OSA stakeholders.

OSA Goliath is a subsidiary of offshore oil engineering services company Oceanografia SA de CV.

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