Offshore logo
ATP files for bankruptcy protection
Posted 20.08.2012 08:44:07 av John Bradbury
Vis RSS feed
Send nyhet til en venn
North Sea developer ATP has sought Chapter 11 bankruptcy protection in the US and is planning  a major financial reorganisation of the company to continue operating.

ATP has filed a voluntary petition for Chapter 11 reorganisation and has received a commitment for US $617.6 million of new financing to continues its oil and gas operations which includes the Cheviot heavy oil field development with a floating platform in the UK sector of the North Sea.

The bankruptcy petition has been field with the US Bankruptcy Court for the Southern District of Texas.

“ATP expects its oil and gas operations to continue in the ordinary course throughout the reorganisation process and sees the reorganisation as a helpful step towards de-leveraging the company to position it for future development of its assets,” the Houston headquartered company declared.

Currently ATP's Octobuoy concrete-based floating platform is continuing to be be built at China's Cosco shipyard: In March this year, pictures released by ATP via a presentation showed the hull looking substantially complete.

The cause of the bankruptcy petition has been placed mainly on the Macondo oil well blowout in the US Gulf of Mexico two years ago: ATP says the primary reason for the reorganisation started with the Macondo blowout in April 2010 and the imposition in May that year of a moratorium on drilling in the US Gulf of Mexico.

“These events prevented ATP from bringing to production in 2010 and in early 2011 six  development wells that would have added significant production to ATP,” the company declares in a Chapter 11 statement.. “As of the date of this filing, three of these wells are yet to be drilled. Had ATP been allowed to drill and complete these wells, ATP believes it would have provided a material production change in 2010 continuing to today.”

ATP says the production increase would have provided more cash flow, allowing it to withstand the normal pressures on owners of oil and gas properties in the US Gulf of Mexico. Also the resulting cash flow would have prevented the need for additional financing arrangements which the company was forced to undertake: “... financings that require relatively high rates of return and monthly payments,” ATP points out in its Chapter 11 filing statement.

Currently has obtained agreement for a $617.6 million debtor in possession (DIP) financings agreement with its existing lenders, which will provide $250 m of additional funding and refinance. Once approved by the Bankruptcy Court, ATP says this money, along with cash from ongoing operations will be used to support the business and its efforts to negotiate a reorganisation plan acceptable to stakeholders.

Also the company has filed various motions with the court to ensure the bankruptcy filing does not affect its employees or suppliers, and will continue paying employees including health care benefits. And the DIP financing will allow it to pay its suppliers under normal terms for any good sand services provided after the filing date of 17 August.
Advertisement
Latest news

Asset integrity expertise bought

British-based engineering expertise has been bought up by Norway's Aker Solutions to boost its integrity analysis for oil and gas assets.

[Les mer ] Company news

Sound signals big Italian gas

London-listed Sound Oil has logged a big new gas find in Italy.

[Les mer ] Exploration

Aker anchors new accommodation unit

A new offshore accommodation unit under construction in China is to be fitted with a mooring system supplied from Norway.

[Les mer ] Contracts

Big gas at Bianchi 1

Austria's OMV has reported a major new gas find while drilling offshore Australia following on from its earlier Zola discovery.

[Les mer ] Exploration

New drilling near Johan Castberg

Swedish explorer Lundin Petroleum has kicked off a new exploration well in the Norwegian sector of the Barents Sea.

[Les mer ] Exploration

Irish data acquisition underway

Seismic data acquisition has kicked off on a newly allocated Irish Frontier Exploration Licence.

[Les mer ] Exploration

Profilerte stillingerAlle stillinger »
Profilerte selskapFra OffshoreX.no
Exploration Options AS Logo

Exploration Options AS

Exploration Options provides consultancy and staff recruitment services to the upstream oil and gas industry. We source and deliver Professionals of the highest calibre, in Management, Advisory & Technical areas. Our Focus areas are: Exploration & Subsurface Evaluation, Portfolio Management and Resource Assessment.

Se profil | offshorex.no
SCANMATIC AS Logo

SCANMATIC AS

Scanmatic is a technology company utilising cutting edge multidisciplinary engineering competence within sensor technology and data acquisition to design and supply tailor made instrumentation, monitoring & control and communications applications specialised for Oil & Gas as well as marine environment.

Se profil | offshorex.no
OFFSHOREX AS Logo

OFFSHOREX AS

OffshoreX AS har som mål å strukturere nasjonale aktører innenfor olje og gass inn i et nettverk som arbeider mer effektivt og gir bedre løsninger for både kjøpende og tilbydende selskaper. Vi har inngått samarbeid med offshore.no, nordens største nyhetsside for Olje og Gass bransjen. OffshoreX nettverket er integrert i offshore.no, noe som sikrer våre medlemmer god synlighet.

Se profil | offshorex.no
ADECCO HELSE AS Logo

ADECCO HELSE AS

Adecco er Norges største selskap innen bemanning og rekruttering til faste stillinger

Se profil | offshorex.no
ATLAS SERVICES GROUP NORWAY AS Logo

ATLAS SERVICES GROUP NORWAY AS

Atlas Services Group Norway AS is a subsidiary of Atlas Services Group B.V. A leading international company with nearly 30 years of experience in recruitment and staffing of specialists. We put consultants to work in the oil and gas, power, engineering, renewables, seismic and hydrographic, offshore, dredging and shipping industries. www.Atlas4Jobs.com contains over 300 000 CVs

Se profil | offshorex.no
MTI TECHNOLOGY AS Logo

MTI TECHNOLOGY AS

MTI Technology ble stiftet i 2012. Ansatte i selskapet har erfaring opparbeidet gjennom mer enn 25-års drift i MTI AS, med arbeid innen løftopperasjoner, sertifisering og periodisk kontroll av løfteutstyr, on-/offshore. Vi ønsker å være nytenkende innen prøveløft produkter. Vi vil ha stor variasjon av produkter for å utføre prøveløft i forskjellige prosjekter.

Se profil | offshorex.no
Tips oss
Kontakt oss
Offshore.no AS
Annonsere
Ansvarlige
Sjefsredaktør: Erlend Keilen
OPPHAVSRETT
Alt innhold er opphavsrettslig beskyttet.
Copyright Offshore.no AS