OceanSaver Goes Bankrupt
- Business & Finance
Norwegian ballast water system maker OceanSaver filed for bankruptcy on September 13, 2017.
The move to file for bankruptcy has been partially prompted by the decision of the International Maritime Organization (IMO) to postpone the implementation of the Ballast Water Management Convention to 2019.
The delay has had a major impact on the market for retrofitting ballast water systems. In addition, the ship newbuilding activity continues to be low. As explained, these factors have led to “significant downward pressure” on prices and uptake of ballast water treatment systems.
What is more, the bankruptcy comes after OceanSaver lost an arbitration case in Denmark against supplier Bollfilter Nordic ApS and was ordered to pay all arbitration and legal costs.
Consequently, the IMS group, a family owned Norwegian group of companies focusing on technological solutions for the offshore and marine market, signed on September 20 a purchase agreement with the OceanSaver Trustee to acquire all intellectual property, certificates and assets after the company’s bankruptcy.
“We think it is of significant added value … that the ballast water treatment product range is integrated into an already profitable and sustainable business with several maritime products. We would therefore not be dependent on a steady market, but will be able to adjust quickly, both with production capacity and personnel,” Roy Langseth, CEO of the IMS group, commented.
“This will provide stability and reliability for shipowners who plan to invest in ballast water treatment systems, one singular point of service for yards, as well as synergies between product ranges and a streamlined service organization for us as a maker,” he added.
The OceanSaver product will be sold and manufactured at TeamTec, which is a company in the IMS group.
OceanSaver was among the first suppliers to be approved by the IMO. The company also obtained a United States Coast Guard (USCG) type approval in December 2016.