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S&P rates Gulf Offshore Logistics, notes CCC+
Standard & Poor's said it assigned a preliminary CCC+ corporate credit rating to Gulf Offshore Logistics Holdings LLC.
The agency also said it assigned a preliminary CCC+ rating to its proposed $110 million senior secured notes due 2016 with a preliminary 3 recovery rating, indicating 50% to 70% expected recovery in a default.
The proceeds will be used to repay outstanding debt and to fund acquisitions and working capital.
The outlook is developing.
The ratings reflect the company's position as a participant in the highly cyclical and competitive offshore marine services segment of the oilfield services sector, small size and scale and limited geographic diversity, S&P said.
The ratings also reflect its younger-than-average fleet that permits the company to obtain higher day rates, long-term contracting of a majority of its fleet and minimal non-acquisition capital expenditure requirements, the agency said.
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