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GR Engineering nervous over NOGA administration

24 Sep 2019 2:57 PM | Sonia Harvey (Administrator)

ASX-listed GR Engineering has gone into voluntary suspension following news Northern Oil & Gas Australia has been placed in administration.

On Friday morning a published notice on the Australian Securities and Investment Commission website stated that Robyn Duggan and Peter Gothard from KPMG had been appointed to Northern Oil & Gas and its associated subsidiary companies TOGA Services and Timor Sea Oil & Gas Australia.

The appointment of administrators comes just months after regulator the National Offshore Petroleum Safety and Environmental Authority took the extraordinary measure of shutting down the companies' Northern Endeavour floating production storage and offloading vessel.

GR's subsidiary, Upstream Production Solutions, is the contracted operator of the Northern Endeavour FPSO in the Timor Sea offshore Western Australia.

Today, GR requested to be placed in a voluntary suspension to "manage its continuous disclose obligations" between UPS and NOGA.

"The agreement represents a material contract for the company. The company awaits additional clarity," GR said.

In particular the company said it required information on the administrators' intention and capacity to continue to manage the Northern Endeavour and whether or not the FPSO would be brought back online.

GR also noted that Northern Oil had "accrued obligations" to UPS.

"The company has initiated dialogue with the administrator and TOGA's senior secured lender," GR said.

Source: Energy News Bulletin

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