Legal Proceedings Report • Sep 16, 2025
Legal Proceedings Report
Open in ViewerOpens in native device viewer
Seacrest Petroleo Bermuda Limited: Update on Provisional Liquidation
Hamilton, Bermuda, 16 September 2025: On 21 February 2025, by Order of the
Supreme Court of Bermuda, Mr. Michael Penrose of EY Bermuda Ltd., 3 Bermudiana
Road, Hamilton, HM08, Bermuda, and Mr. Igal Wizman of EY Bahamas Ltd., Caves
Corporate Centre, West Bay Street & Blake Road, Nassau N-3231, The Bahamas,
were appointed as Joint Provisional Liquidators (the "JPLs") of Seacrest
Petroleo Bermuda Limited (in Provisional Liquidation) (the "Company") (the
"Appointment Order"). Further details in respect of the JPLs appointment were
set out in the Company's press release on 7 March 2025.
Shareholders of the Company will be aware that the Euronext Oslo Børs (the
"Oslo Børs") suspended trading in the shares of the Company with effect 11
September 2025. A number of facts and circumstances have led the Olso Børs to
that decision, all of which have been the subject of press releases by the
Company and / or the Oslo Børs.
On 3 February 2025, the Oslo Børs notified shareholders that the Company had
been placed into the "Recovery Box" effective 13 January 2025. The Oslo Børs
imposes this function where securities of an issuer are subject to
circumstances that make pricing of their securities particularly uncertain.
Please refer to the Oslo Børs press release for further details.
As notified to shareholders by the Company' press release on 15 January 2025,
enforcement action was taken by TMF Group New York, LLC ("TMF"), as agent of a
syndicate of certain secured lenders of the Company, against the Company's
shares in its immediate subsidiary Seacrest Petroleo Cricare Bermuda Limited
("SPCBL"). These shares were transferred (the "Transfer") to Capixaba Energy
Partners I LLC (formerly Geriba Partners, LLC) which effectively removed all
operational assets from the Company's control.
Following the Transfer, on 18 February 2025, SPCBL and its subsidiaries
entered into a recuperação judicial (the "RJ") insolvency process in Brazil.
As notified to shareholders by press release of the Company on 24 July 2025,
the Company is not a debtor in the RJ proceedings and, although the Company
has made certain representations in the RJ, the JPLs have no locus to deal
with matters pertaining to or influence over the RJ proceedings, and the
determination of the outcome rests solely with the Brazilian court. The
Company's participation in the RJ proceedings is limited to its potential
contingent claims against SPCBL.
Subsequently, on 2 May 2025, the Oslo Børs notified shareholders that the
Company was placed on the "Penalty Bench", effective 2 May 2025. The Oslo Børs
imposes this function where an issuer fail to comply with the Oslo Børs rules.
Please refer to the Oslo Børs press release for further details.
Following the enforcement action taken by TMF on 15 January 2025, the Company
has no available funds to facilitate the preparation and publication of
financial statements. As a consequence, the Company is unable to comply with
the Oslo Børs rules.
The JPLs continue to conduct the Provisional Liquidation of the Company with
the support of the Company's bondholders.
For further information, please contact:
Seacrest Petroleo Bermuda Limited (in Provisional Liquidation)
c/o EY Bermuda Ltd.
3 Bermudiana Road
Hamilton HM08
The JPLs act as agents of the Company and without personal liability.
Important information
Matters discussed in this press release may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believes",
"continue", "estimate", "expect", "intends", "may", "should", "will" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and are beyond its
control. Such risks, uncertainties, contingencies and other important factors
could cause actual events to differ materially from the expectations expressed
or implied in this release by such forward-looking statements. The
information, opinions and forward-looking statements contained in this release
speak only as at the date of this release and are subject to change without
notice.
This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication at
2025-09-16 15:30 CEST.
Have a question? We'll get back to you promptly.