Administrators appointed to oversee troubled North Sea driller IOG have identified a list of 28 creditors owed more than £140 million.
According to documents submitted to Companies House, while administrators are aiming to agree a restructure of the company with bondholders by the second quarter of 2024, IOG is not expected to return to solvency.
IOG has about £4.5m cash on hand, enough to pay its employees accrued holiday pay and outstanding HMRC payments, but not nearly enough to pay what it owes to creditors.
The list of creditors includes companies across the UK, Netherlands, Luxembourg and Ireland as well as a group of IOG bondholders overseen by Norwegian bond services firm Nordic Trustee AS.
IOG owes the largest debt to its bondholders via Nordic Trustee, totalling more than £96m.
The debts originate from a €100 million (£85m) bond issued in the name of IOG in 2019 to “a range of institutional investors across the Nordic region, Europe, UK and Asia”.
Seven companies based in Aberdeen are owed over £28m by IOG, which went into administration in September this year.
IOG owes debts of around £15.8m to Westhill-based engineering firm Subsea 7, while the company owes £8.7m to offshore operator Petrofac.
Meanwhile, the UK arm of Dubai-headquartered Shelf Drilling is out of pocket by £3.4m.
Full list of IOG creditors owed £140m
The full list of firms owed more than £140 million by IOG is included below.