Telford Offshore announces completion of sales process and acquisition by Merced Capital

Telford Offshore announces completion of sales process and acquisition by Merced Capital

DUBAI, United Arab Emirates--(BUSINESS WIRE/AETOSWire)-- The Telford Offshore group (“Telford Offshore” or “the Company”) announced today that it has been acquired by entities affiliated with Merced Capital. The acquisition represents the completion of the previously announced competitive sales process (the “Sales Process”). Telford Offshore is now wholly owned by Merced Capital.

As part of the transaction, Merced Capital, advised by Sidley Austin, has provided an injection of new capital in the Company to support its next chapter of growth and improve its balance sheet, reducing its net debt position to zero post-transaction. With the backing of a supportive financial sponsor and substantially enhanced liquidity, Telford Offshore will be well-positioned to benefit from the recovery underway in the global energy industry and the associated robust demand for offshore services.

Telford Offshore also announced that Robert Duncan has been appointed as new Chief Executive Officer of the Company. Mr. Duncan will assume his responsibilities effective immediately, succeeding Fraser Moore. A respected executive with over two decades of experience leading global teams in the offshore energy and marine industries, Mr. Duncan most recently served as Founder and Chief Executive Officer of Capital Strategies International and prior to that was Chief Executive Officer of Seafox International.

Joe