ASX-listed coal seam gas (CSG) drilling contractor, Titan Energy Services Ltd, has become the latest victim of the commodity downturn, being placed into voluntary administration, according to a company statement.
In its 2015 annual financial statements, the group said its ability to continue in business depended on several factors, including the ability to win new work and raise additional funds.
“To this end the board and management of Titan have worked tirelessly over the last 12 months, pursuing a suite of options including refinancing, business combinations and disposal of businesses or assets to ensure sufficient working capital is available to continue operations,” the company said in a statement.
“Unfortunately we have been unable to find a solution that is acceptable to our secured creditor and meets the requirements of potential investors in Titan and accordingly the board is unable to reasonably form the view that the group can remain solvent.”
Joanne Dunn and Stefan Dopking of FTI Consulting have been appointed voluntary administrators to oversee the affairs of the group. In a statement giving notice of their appointment, FTI said that Dunn and Dopking has taken control of Titan, its subsidiaries and related partners and were “undertaking an urgent assessment of its operations.”
Titan Energy Services has four operating businesses – RCH, Base, Nektar and Atlas Drilling – that provide camp hire, transport and logistics services, water and waste management, CSG drilling and oilfield equipment hire to the Australian oil and gas industry. It was listed on the Australian Stock Exchange in December 2011.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/cbm/06012016/titan-energy-services-appoint-administrators-2016-15/