Norwegian offshore supply carrier left to creditors

World Wide Supply in Ulsteinvik is now leaving the company to its creditors, and the carrier will likely not be the last heavily indebted offshore carrier forced to throw in the towel.

Photo: Bard

Shareholders in Norwegian offshore carrier World Wide Supply, based in Ulsteinvik, have thrown in the towel and left the company to its creditors, reports Norwegian business daily Dagens Næringsliv on Tuesday.

The owners, accounting for a total 96 percent of the shares in the company, have accepted an offer from the bond holders to take over the carrier in an effort to salvage the values and transfer them to a newly-established entity, WWS Recovery AS.

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