Singapore OSV owner EMAS Offshore is asking the country's high court to take over management of the company.
A hearing date for the application for judicial management has not yet been set, it said.
In the meantime, no winding up order can be made, except with court permission. Neither can any attempt be made to enforce any charge or security over its assets.
The restructuring company has twice failed to secure rescue deals by white-knight investors.
The latest bid saw an investment by Philippines shipping tycoon Dennis Uy scrapped in February.
