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Lauritzen still needs to pump millions into Axis Offshore

The offshore drama is not over yet for Lauritzen, which through its subsidiary LF Invest has to inject upwards of USD 10 million into Axis Offshore in order to secure a rescue plan for the company.

Photo: Axis Offshore

Just as the Lauritzen Fonden looked on track to fully exit the offshore sector through a divestment to Norway's Prosafe, the fund's subsidiary, LF Invest, now has to pay out to protect the remains of Axis Offshore from bankruptcy.

This is evident from a summons issued to bondholders in Axis. The summons outlines a rescue plan which requires that shareholders in Axis Offshore inject a combined USD 30 million into the company. With an ownership stake of 33.4 percent, this means that LF Invest will have to contribute as much as USD 10 million, while equity fund Hitec Vision, which owns the rest, must inject upwards of USD 20 million.

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