Aqueos Corporation Refinances and Increases Bank Loan Facility
Broussard, LA – Aqueos Corporation, a ‘World Class Subsea Service Provider℠’ for the offshore oil and gas sectors of the Gulf of Mexico and the Pacific West Coast, is pleased to announce it has entered into a new credit facility with WNB Specialty Finance, a division of Woodforest National Bank.
The new facility includes a term loan, which was used to refinance several of Aqueos Corporation’s key offshore assets as well as providing an increase in the revolving credit facility. “Our new credit facility allows us to lower our capital cost by consolidating our term debt, while also providing increased liquidity and financial flexibility by increasing our revolving credit line,” comments Brad Parro, Chief Financial Officer.
Ted Roche, President & CEO, comments, “Our ability to close on this new credit facility, in this current market, is a testament to the reputation and strong management team Aqueos has built up over the past 16 years. Further, the additional liquidity and financial flexibility provided by this refinancing will make us well positioned to capitalize on opportunities when the market recovers.”
Aqueos Corporation, with offices in Broussard, LA and Ventura, CA, provides marine construction and specialty subsea services, including a complete range of commercial diving, remotely operated vehicles (ROV’s) and vessel-related services primarily to the offshore oil and gas markets.
Broussard, LA – Aqueos Corporation, a ‘World Class Subsea Service Provider℠’ for the offshore oil and gas sectors of the Gulf of Mexico and the Pacific West Coast, is pleased to announce it has entered into a new credit facility with WNB Specialty Finance, a division of Woodforest National Bank.
The new facility includes a term loan, which was used to refinance several of Aqueos Corporation’s key offshore assets as well as providing an increase in the revolving credit facility. “Our new credit facility allows us to lower our capital cost by consolidating our term debt, while also providing increased liquidity and financial flexibility by increasing our revolving credit line,” comments Brad Parro, Chief Financial Officer.
Ted Roche, President & CEO, comments, “Our ability to close on this new credit facility, in this current market, is a testament to the reputation and strong management team Aqueos has built up over the past 16 years. Further, the additional liquidity and financial flexibility provided by this refinancing will make us well positioned to capitalize on opportunities when the market recovers.”
Aqueos Corporation, with offices in Broussard, LA and Ventura, CA, provides marine construction and specialty subsea services, including a complete range of commercial diving, remotely operated vehicles (ROV’s) and vessel-related services primarily to the offshore oil and gas markets.
For further information on Aqueos Corporation, visit www.aqueossubsea.com or call the Aqueos offices at (337) 714-0033 or (805) 676-4330.
