According to netDockets.com Deep Marine Technology (DMT) filed for bankrupcy on December 4, 2009:
Deep Marine Technology Files for Bankruptcy in Texas
On Friday, Deep Marine Holdings, Inc. and five affiliates (Deep Marine Technology Inc., Deep Marine 1, LLC, Deep Marine 2, LLC, Deep Marine 3, LLC, and Deep 4 Marine, LLC) filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the Southern District of Texas. The companies are represented by Bracewell & Guiliani, L.L.P.
According to Deep Marine’s website, the companies are independent subsea service providers to the oil and gas industry specializing in deepwater construction and intervention systems. Headquartered in Houston, the companies operate three vessels, as well as several Triton XLS multi-functional, heavy work class ROV (remotely operated vehicle) systems. The companies’ three vessels are the following:
– DMT Sapphire (a 240 ft, Class II DP MSV which includes a 40T Knuckle Boom Crane and a Subsea Launch & Recovery Winch)
– DMT Diamond (a 240 ft, Class II DP MSV which includes a 50T knuckle boom crane and a Subsea Launch & Recovery Winch)
– DMT Emerald (a 292 ft, DP II vessel which includes a 100T knuckle boom crane)
A review of the companies’ press releases reveals that Deep Marine was named #6 in Entrepreneur Magazine’s Annual Ranking of the Hot 500 Companies in 2007. However, more recently Deep Marine faced a shareholder demand letter and two shareholder lawsuits (one brought by minority shareholders who presented the original demand letter and one brought by the former CEO of Deep Marine Technology and Deep Marine Holdings). In June of this year, Deep Marine stated that a special litigation committee of its Board of Directors "determined that all of the allegations . . . are without merit" following an eight-month investigation. It is unclear from the documents filed with the bankruptcy court thus far the extent to which the allegations in the demand letter and lawsuits are related to Friday’s bankruptcy filing.
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