Seacrest Petroleo Bermuda faces liquidation challenges amid asset loss

Seacrest Petroleo Bermuda Limited announced an update on its provisional liquidation, confirming the appointment of joint provisional liquidators (JPLs) Mr. Michael Penrose and Mr. Igal Wizman on February 21, 2025. This follows the Oslo Børs' decision to suspend trading in the company's shares from September 11, 2025, and its placement into the "Recovery Box" on January 13, 2025, due to uncertain securities pricing. The company was also placed on the "Penalty Bench" on May 2, 2025, for non-compliance with Oslo Børs rules.

Enforcement action by TMF Group New York, LLC on January 15, 2025, led to the transfer of shares in its subsidiary, Seacrest Petroleo Cricare Bermuda Limited (SPCBL), to Capixaba Energy Partners I LLC, effectively removing all operational assets from the company's control. Subsequently, SPCBL and its subsidiaries entered into a Brazilian insolvency process on February 18, 2025.

The company, not a debtor in the RJ proceedings, has limited participation to potential contingent claims against SPCBL. Due to the enforcement action, Seacrest Petroleo Bermuda Limited lacks funds for financial statement preparation and publication, preventing compliance with Oslo Børs rules. The JPLs continue to oversee the provisional liquidation with bondholder support.