On May 22nd IMN reported on the financial difficulties involved in the delivery of six offshore patrol vessels to Somalia.
Somalia’s Financial Governance Committee (FGC) was said to have defaulted on the payments after expressing concerns over the €132m contract that was signed with the Atlantic Marine and Offshore Group (AMO) in July 2013.
The contract was to supply six vessels to the expanding Somali Coast Guard. AMO was to build, maintain and operate the coast guard fleet and develop a coast guard training centre to train coast guard personnel, security officers and shore based support personnel.
The default now appears to have had an impact on the supplying company.
Favoos Dente informs us that, with reference to the arbitration proceedings against FGS by AMOSC, the Dutch parent company Atlantic Marine and Offshore BV was declared insolvent on June 5th, as published by the Dutch national insolvency register.
From documents supplied to IMN, it seems that Atlantic Marine and Offshore BV is the full parent of AMO SC in Cyprus. Many thanks to Favoos Dente for the update.