Less than a week after a court ratified Royal IHC’s restructuring plan, the Dutch shipbuilder has already reached agreement to sell subsidiary IQIP Holding BV to HAL Investments BV. IQIP supplies foundations and installations to the offshore wind market. IHC sells the company to reduce its debt load.
The sale involves the transfer of 100% of the shares of IQIP to HAL. For Royal IHC, this is an important step in the financial restructuring of the company, which will strengthen Royal IHC’s own balance sheet and allow the existing credit and guarantee lines with the existing bank consortium to be repaid largely in advance.
For IQIP, this is an important step in strengthening its financial balance sheet and an opportunity to independently create further growth.
Also read: Shipbuilder Royal IHC allowed to sell IQIP to reduce debt
Better position of Royal IHC
‘The sale of IQIP to HAL creates more financial space for both Royal IHC and IQIP,’ says Jan-Pieter Klaver, CEO Royal IHC. ‘The direct proceeds from the IQIP shares will mainly be used to reduce borrowings and improve Royal IHC’s liquidity. With the sale, IQIP will leave the Royal IHC family, but I am very confident that IQIP and its employees will have a very bright and healthy future.’
Royal IHC had initiated WHOA proceedings (Homologation Private Agreement Act) to convince all financial stakeholders of a financial restructuring plan which included the sale of IQIP. The court ratified this plan last week.
With its financial position improved, IHC hopes to be able to secure contracts for large, complex vessels again. Previously, the company said this was crucial to its survival.
Also read: Another net loss for Royal IHC, 2023 will be a crucial year
Expansion
Robert Diepenbroek, CEO IQIP adds: ‘We want to strengthen and further expand our position in both the offshore energy market and the civil market. With this independent position, we can continue on this course and continue to offer our customers total solutions and support them in the challenges in the field of technology, safety and sustainability. This enables us to guarantee our contribution to the energy transition worldwide.’
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