Oslo-based FPSOcean's plan to restructure its capital base and attract new financing has failed. Subsequent efforts to raise interim funding to continue operations in expectation of an employment contract for floating production, storage and offloading vessel (FPSO) DeeP Producer 1 (DP 1) in the near term has also failed. The company's board of directors has placed the firm and its subsidiaries, FPSO Management AS, DP Producer AS and DP Offshore AS, into bankruptcy.rnThe board and the company's new management has worked since August 2008 to secure the conversion progress and limit the cost overrun on the DP 1 FPSO conversion project in Dubai; intensify the marketing towards potential clients to secure an employment contract for DP 1; and together with Pareto Securities as financial advisor, secure additional financing to complete the DP 1 conversion.
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