Century-old DCD Marine in business rescue
The oil sector company battens down hatches over choppy trading
DCD Marine, a venerable 113-year-old Cape Town-based business that serves mainly the upstream oil and gas sectors, has entered into voluntary business rescue after 18 months of "very difficult trading". The process gives the member company of the DCD Group of industrial firms the space to take action to boost its chances of survival. Established in 1903, the company undertakes turnkey repairs and upgrades on vessels such as drill ships, semi-submersible drilling rigs, offshore support vessels and pipe-laying vessels. "The intention … is to give the business the best possible chance of trading through these difficult conditions," DCD Group CEO Digby Glover said on Thursday. The group saw a future for DCD Marine, but it was "less bright". The company also services remote oil and gas sites and offshore projects including in Angola and further up Africa’s west coast. It had been focused mainly on the oil and gas market, but this had "contracted massively due to low global oil prices", G...
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