The board of directors of Endúr Energy Solutions AS (the company) has concluded that there is no longer any basis for continued operations and has tonight resolved a petition for bankruptcy. The petition will now be filed with Stavanger Tingrett. The board of directors of the company, together with its advisors and resources in the group, has over time worked on alternative structural and financial solutions that could provide a positive operation in the company, but without success. Significant deterioration in operating results during the fourth quarter has made this work difficult. In addition, the new corporate management which took office inNovember 2019 , evaluates the value of the company's order reserves to be significantly lower than estimated by previous management. Preliminary accounting figures for Endur Energy Solutions AS for 2019 indicate a turnover ofNOK 116 million and a loss ofNOK 20 million . The preliminary accounting figures in the fourth quarter of 2019 alone, indicate a loss ofNOK 15 million . In sum, the Board of Directors of the company considers that the conditions for opening bankruptcy in the company as set forth in section 60, cf. sections 61, 62 and 66, of the bankruptcy act are satisfied.Hans Petter Eikeland , Chairman of the Board of Endúr Energy Solutions AS and CEO of the parent companyEndur ASA , strongly regrets that the Board now finds it necessary to file a petition for bankruptcy in the Stavanger-based company, headquartered at Forus and with a permanent staff of 41 people. "Endur Energy Solutions AS joined the group one year ago, and had several framework agreements related to maintenance and modification assignments in the offshore market. Unfortunately, one has failed to materialize these framework agreements to provide satisfactory activity and profitable operation. Nor has the company succeeded in acquiring new assignments of importance from either the on- or offshore market during this year. All in all, this has imposed a burden on the company that no longer defends the basis for continued operations", says Eikeland. Endur Energy Solutions AS currently has two subsidiaries; Endur PMAE AS and Endur Industrier AS. Endur PMAE AS will also be called for bankruptcy as the operations of this company are directly related to personnel-hire to the parent company. This company has as per today 50 employees. When it comes toEndur Industrier AS, it will be up to the administrators in bankruptcy of Endur Energy Solutions AS to decide on the future of this company. "Endúr Industrier AS, based in Dusavika outside Stavanger, has delivered a solid operation throughout 2019. In our opinion, this subsidiary of Endur Energy Solutions AS has an attractive position that we believe can be further developed with new owners", saysHans Petter Eikeland . Contact person:Hans Petter Eikeland , CEOBergen Group ASA , mobile +47 932 08 177
Click here for more information
© Oslo Bors ASA, source