Presentation

Boa Offshore AS is a private Norwegian company, operating within various segments of the offshore oil service industry. The company is wholly owned by Mr. Ole T. Bjørnevik and his family and was incorporated in 1975. Through its subsidiaries, the Boa Offshore Group owns and operates a global fleet and has offices in Gdynia, Poland and Houston, USA, besides the headquarter in Trondheim, Norway. Today, the Group operates a fleet of 30 vessels, which includes OCVs, AHTS vessels, barges and tugs.

The Boa Group finalized a restructuring during summer 2017 where the Group was divided into two separate legs, “Boa Bank” and “Boa Bonds”, and all major interdependencies through the Group structure were cancelled. In addition, the restructuring included sale of assets as well as postponement of amortization, covenant amendments until end 2020. However, as a result of the difficult market conditions, the company in Q2’20 agreed with bank and bond creditors on certain amendments, including to extend maturity dates until December 2024 / January 2025.

The largest assets of the Group are the two OCVs, Deep C and Sub C, owned by Boa OCV. In May, the company secured a contract in the North Sea for Sub C. Length of the contract has not been disclosed, but if options are declared the vessel will reportedly be contracted “into 2021”. Deep C started a new contract in July, with work being firm into Q4’20.

Furthermore, Boa Offshore is a leading player in the global market for heavy lift barges, operating a fleet of different capabilities worldwide, within a range of industries outside of the challenging oil and gas market. Additionally, Boa also operates a fleet of seven tugs.