B+H OCEAN CARRIERS LTD. ANNOUNCES FILING AND INTENTION TO RESTRUCTURE NEW YORK, NEW YORK, May 30, 2012..... B+H Ocean Carriers Ltd. (OTC: BHODD.PK) (the
"Company") reported that today it had filed, along with several of its subsidiaries and related entities, for
reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for
the Southern District of New York. The Company said that it intends to restructure its balance sheet and
emerge as a recapitalized shipowning business, continuing to specialize in the transportation of refined
petroleum products and dry bulk commodities.
The Company stated that going forward, its operations will continue as in the past, with no interruption of
service. It also said that it has had ongoing discussions with several of its lenders regarding further
cooperation and support during the reorganization. There continue to be challenges in the current market
for freight rates and vessel values which, combined with the state of global ship finance, has made it
exceedingly difficult to accomplish the recapitalization outside of a court-supervised reorganization.
About the Company B+H Ocean Carriers Ltd. is an international shipowning and operating company that owns, through
subsidiaries, a fleet of four product-suitable Panamax combination carriers capable of transporting both
wet and dry bulk cargoes, along with a 50% interest in an additional combination carrier.
Safe Harbor Statement
Certain statements contained in this press release, including, without limitation, statements containing the words
"believes," "anticipates," "expects," "intends," and words of similar import, constitute "forward-looking statements"
as defined in the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in
its rules, regulations and releases, regarding the Company's financial and business prospects. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors that may cause the actual results,
performance or achievements of the Company, or industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking statements. Such factors include, but
are not limited to, those set forth in the Company's Annual Report and filings with the Securities and Exchange
Commission. Given these uncertainties, undue reliance should not be placed on such forward-looking statements.
The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions
to any of the forward-looking statements contained or incorporation by reference herein to reflect future events or
developments.
For further information, access the Company's website at www.bhocean.com
Company contact: John LeFrere
Tel: +1 917 225 2800
Email: investorrelations@bhcousa.com http://www.bhocean.com/files/BH_OCean_05302012_Press_Release.pdf __________________________________________________________________________________________________________________________________
The Company was established in April 1988 to own and operate tankers and dry bulkcarriers.
The Company currently owns and operates six combination carriers and one bulk carrier. The Company intends to build
an FDV (Field Development Vessel) for delivery 2013, which will work as an Accommodation / Work Unit in offshore oilfields.
The Company is a provider of international liquid and dry bulk seaborne transportation services, carrying petroleum
products, crude oil, vegetable oils and dry bulk cargoes. In 2013 the Company will also provide support services for work in offshore oilfields.
The company's shares are publicly traded in New York (AMEX - BHO).
Click here to learn more about the history of B+H Ocean Carriers.
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- Accommodation
- Storage
- ROV operation
- Diving operation
- Pipe and cable handling
- Transportation
- Installation/Construction
B+H Shipping Group's first offshore accommodation construction barge offers a wide range of capabilities for offshore
and port development projects. This Accommodation Field Development Vessel (AFDV) is equipped with six dynamic
positioning thrusters and is classed DP2. For operational flexibility, the unit is also fitted out with an 8-point mooring system.
SAFECOM 2 has a large number of comfortable hotel style accommodations, multiple offices, conference and meeting rooms,
as well as a large deck space for storage and supplies - 1,200m2 with 12.5 ton/m2 deck strength. The AFDV is
equipped with a 70T SWL pedestal crane with an optional 300T SWL crane and a telescopic gangway for personnel transfer.
B+H's AFDV is designed to work adjacent to fixed and floating offshore structures in benign to intermediate waters. This
Accommodation Field Development Vessel (AFDV) is outfitted to high standards with 400 beds in single, double, and four
man cabins. The AFDV station keeping characteristics (DP2 with six powerful azimuth thrusters) makes it suitable to
accommodate and transfer personnel in a variety of environments. SAFECOM 2 is or can be fitted out for the following support functions :
- Crane Operations up to 300t
- Hook-up and Installation support
- Mooring and SubSea installations
- Offshore Construction
- Maintenance Support & Storage
- Commissioning / Decommissioning support
- ROV & Diving Operations
SAFECOM 2 is purposely built for safe passage to take place to any offshore platform. The propulsion / positioning units
will include six 1000 Kw thrusters; three forward and three aft both with a triangular set-up, with a total installed power
of 6000Kw. This DP configuration is compliant with ABS regulations for DP2 vessels. The azimuth thrusters are fully
retractable for ease of working in shallow draft on the unit's 8-point mooring system. DP2 creates
the versatility SAFECOM 2 needs to work in unlimited water depths and any seabed condition.
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