World Wide Supply liquidity drops below required $7.5 million

By Mark Reccek

Bethlehem, Pa., Sept. 11 – World Wide Supply AS said its available liquidity as of Aug. 31 fell to $5.6 million, below the requirement of $7.5 million in a press release issued Friday.

According to the release, the shortfall is the result of the present blocking of two of four vessels on contract with Petrobras and the lack of payment from Petrobras.

The liquidity forecast for August to December indicates the company will have sufficient liquidity to carry out its business, the release said.

It is estimated liquidity on Dec. 31 will be $6.7 million, the release said. According to the release, the forecast is based on the contractual day rate per vessel and the utilization of all four vessels in Brazil, as well as an expected end of the present blocking of the two vessels before October.

The release also said the board of directors is monitoring the liquidity situation and is pursing all available options to mitigate it.

The law firm Selmer and Pareto Securities have been retained as legal and financial advisors.

World Wide Supply, based in Ulsteinvik, Norway, is an offshore service vessel company providing high quality offshore shipping services for the global petroleum industry.

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