Skaugen Files for Bankruptcy Protection

Oslo-listed IM Skaugen, which owns and operates small-scale LNG and other gas carriers, said it filed for bankruptcy protection in Singapore’s high court May 31.

Filing of the application for a ‘scheme moratorium’ gives Skaugen a 30-day moratorium that applies against creditors' claims. Skaugen said it will seek the court’s approval to extend that period. 

Among other things, it had been targeting low capex small scale LNG concepts as an area for expansion – and had developed one such project at Aboadze that was expected to enter commercial service mid-2017. But, like others in Ghana, the project is understood to have been refused government consent to import LNG. (Banner photo shows the Skaugen small scale LNG project, courtesy of the company)

Skaugen said it presented a restructuring plan on April 4 2018 that had support from most stakeholders and is now seeking the Singapore court’s protection in completing this plan.