All six directors of bankrupt Oslo-listed Polarcus have stepped down as the end of the company looms.
The Middle East seismic survey player saw banks and bondholders seize all of its seven ships earlier this year following a loan default.
Joint provisional liquidators were appointed in February and they are now expected to move for a full liquidation of what is left of the company.
The liquidators have said Polarcus has no significant assets after the enforcement and it is unable to pay its liabilities as they fall due.
Chairman Mannering leaves
Polarcus has been chaired since May 2018 by Mike Mannering, a former chairman of US oil-services giant Schlumberger.
Karen El-Tawil, another former Schlumberger executive, has also resigned. So have asset manager Erik Mathiesen and hedge fund expert Monish Sahni.
The newest director, Nina Udnes Tronstad, was elected last year. The chemical engineer has held a series of senior executive roles in the oil and gas sector with Kvaerner, Aker Solutions and Equinor.
The final director was Polarcus founder Peter Zickerman, who has now set up PXGeo Group, a new shipowning company that took over Polarcus' last ship on behalf of the bondholders.
The 4,711-gt Vyacheslav Tikhonov (built 2011) was bond financed and had been chartered for three years to Russia's Sovcomflot (SCF Group).
New shipowner expanding
PXGeo has since bought Fugro's seismic exploration business and chartered in another survey vessel.
Zickerman was Polarcus' executive vice president and head of strategic investments until 2016.
On 29 April, the other six former Polarcus vessels were sold on behalf of the company's lenders to Norwegian owner Shearwater GeoServices.
