Company statement regarding N-Sea Offshore Ltd.

May 27, 2021

To whom it may concern:

CapitalChange, the majority shareholder in the Parent Company of N-Sea Group has been reviewing the position of N-Sea Offshore Limited since the acquisition in detail. Since that point there have been several changes made to the business to stabilize and strengthen the position of the group.

In the case of N-Sea Offshore Ltd based in Aberdeen a number execution issues have been identified, as well an ongoing investigation by the HSE authority regarding a safety breach during offshore operations. This has led to the conclusion that significant restructuring and a complete rebuild of our Aberdeen operations needs to take place. In addition, we have considered the ongoing funding requirements of the business and liaised with the main funder of the business in the UK. Following these discussions, we have concluded that we cannot secure funding to allow the business to continue to trade. Consequently, as directors we have no option but to appoint administrators to take control of the company. With respect to our colleagues and assets in relation to our Aberdeen office and operation alternative utilization is being investigated and worked on.

We are extremely sorry that we have had to take these steps, but they have been taken after careful consideration of the financial information available to us, taking account of our duties and responsibilities as directors, above all, the safe return to home of the staff working for us.

How does the above effect our ongoing business?

Our other subsidiaries and partnerships are not affected by the above decision, as such our ongoing commitments / operations under the various entities and labels will remain intact serving our clients with the performance and quality they are used to receive.

We are following our new company strategy focusing on becoming the go-to total subsea solutions provider, whereby we support the complete life cycle of our clients’ assets, by creating a community of entrepreneurship, knowledge, experience, and innovation. Following our company motto: ‘we listen then deliver’ our business focus remains on survey, IRM, UXO and cable related activities in Western Europe, Mediterranean and Middle East.

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For any new inquiries or requests for information please directly contact our regional offices.

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