The bond trustee of West African offshore specialist Sea Trucks Group has detailed more defaults following the owner’s decision not to meet an interest payment.
Nordic Trustee said Sea Trucks has laid up certain vessels without its written consent, as well as failing to transfer funds into its debt service retention account in October and November last year.
In addition, certain vessel transfer arrangements between it and its Nigerian subsidiary West African Ventures (WAV) in May 2016 also constituted an event of default.
Despite
