Hallin Liquidated

[Magnum]

1.SINGAPORE/UK/INTERNATIONAL:
At earlier this week Hallin staff town-hall meeting,
parent company Superior has decided to give up on sale efforts and instead will close down and liquidate operation. Both Singapore and Aberdeen offices will close and staff have all been served redundancy notices. Some staff have already been let go with immediate effect. Hallin controlled vessels and assets will all be sold off. Sale of Altus Invictus (ex Kendal) is already thought in progress. Vessel is bareboat chartered to MEDS and that arrangement does include purchase option. Of other Hallin vessels only one – Windermere – is out-right owned. Ullswater is on sale and leaseback deal from Platou and Carlisle is on similar arrangement with Pareto. In theory Ullswater and Carlisle could just be returned to owning companies. By end this year Hallin is expected to be completely closed down and some staff are being retained to manage that shut down process. Hallin was still recently thought to be turning over $200 million per annum.
Superior has made no formal comment on decision.

[KeyserSoze]

http://www.seashipnews.com/News/Hallin-Marine-closes-down/3w3c2727.html

[John Bridgett]

How can an established company like this get it so wrong in the current market?

[liddelljohn]

How can an established company like this get it so wrong in the current market?

How easy under the recent American management they were extremely badly organised and managed ,and made some poor decisions ,,,

maybe John Giddings will buy up some of the more useful assets .

Some good guys at Hallin and i am sure they will soon find work

[Alan]

Which of decisions do you mean? HM had well established projects in Caspian region and Sing. office worked pretty good.

[liddelljohn]

The owners loaded up the company with some heavy debts and poor cash flow,,, letting Hallin fold results in a nice corporate tax loss and asset sale which help their other companies .

[Alan]

There was many professionals in HM, so another bunch of qualified job seekers coming…

[Roy Simson]

This came in this mail this morning of what Hallin is selling off looks like allot of the good stuff has gone already .

Raptor

Hallin Assets
26 October, 2014

Vessels
1) Ullswater – On long term charter with purchase option
2) Carlisle – On long term charter with purchase option
3) Windermere – 100% owned
ROVs
1) Quasar MKII – 2 units – located in Aberdeen
2) CROV – 3 units – located in Singapore
3) Quasar MKI – 2 units – located in Singapore
4) Seaeye Falcon – 3 units (1 suitcase and 2 container) – Suitcase and 1 – Container unit in Singapore and 1 – Container unit in Aberdeen
5) Quantum MKI – 2 units – located in Aberdeen

SAT Systems

1) SAT 15 – Located in Singapore
2) SAT 10 – Located in Singapore

Air Diving Systems

1) 1 complete system – Located in Singapore
2) 3 partial systems – Located in Singapore

Other

1) Lot of Survey Equipment – Located in Singapore
2) Hyperbaric Rescue Facility – Located in Singapore
3) 2 – ABS classed generator packages for SAT systems – Located in Singapore
4) 1 – Workboat – Located in Singapore
5) Davit for SAT Dive Systems (New) – Located in Singapore
6) Shop equipment and tools
7) Misc. Spares for equipment

[phil]

All that equipment represents many out of work people. Though they were competition, its still depressing watching that stuff get sold off. This is one industry (energy) where you either make the grade or you dont, and the penalty is swift.

[Alan]

John Giddens coming back with Tasik Subsea)
http://www.maritime-ceo.com/Shipowners/Tasik-Subsea:-Return-of-the-founder-of-Hallin-Marine/3w3c414.html

[piper]

🙄

Fresh OLD news………………boooooooooooooooooooooring

[Alan]

So what?
I would like to know the price for the Falcon’s mentioned above.
Is there anybody linked with these items sales?

[Author]

Posts