21 November 2014 | Comments
The owners of the Andrew Weir Group (AWG) recently embarked on a financial restructuring exercise to enable a debt owed to the Merchant Navy Officers Pension Fund (MNOPF) to be cleared and to move forward on other core non-marine activities.
To achieve this, AWG has announced that Andrew Weir Shipping Ltd (AWSL) has gone into voluntary administration (on Thurs 20 November 2014) and its assets sold to a new company, AW Ship Management Ltd, a joint venture company 50% owned by London based Hadley Shipping (RoRo) Ltd, (whose parent company is Hadley Shipping Ltd) – and 50% owned by a management buyout by existing members of the AWSL management team.
To ensure the continuity of the shipping service to St Helena, the St Helena Shipping Service Agreement terms, conditions and obligations will be transferred from AWSL to AW Ship Management Ltd under a novation agreement. AW Ship Management Ltd will be responsible for implementing all matters relating to the operation of the RMS St Helena on behalf of St Helena Line Ltd (SHL). All other AWSL contracts will transfer to AW Ship Management Ltd and all AWSL staff will also transfer to the new company.
RMS St Helena crew employment contracts which are currently with Bibby Ltd (Cayman Islands) will remain in force, with no change to current terms and conditions. Also, shore support arrangements on St Helena, Ascension and Cape Town will remain unchanged. Passengers and freight shippers will also see no change to booking arrangements and will continue to deal with the same staff.
St Helena Line is confident that the new company will maintain the current level of support for the RMS, SHG and all SHL shipping activities, and envisages that the change of ownership will be seamless in respect of passengers, shippers and staff – with all key contacts and operating personnel continuing their current roles.
For further information please contact SHG Press Office on tel: 22470.
21 November 2014