One Ocean Expeditions has entered a restructuring period, citing an extremely challenging business situation due to the sudden withdrawal of two of the company’s three vessels earlier this year by Russian owners, according to Andrew Prossin, managing director.

Sources told Cruise Industry News the company is looking at various options, including bringing in new partners.

Among assets are a long-term charter agreement on an ice-class expedition vessel, a large number of forward bookings, brand names and trademarks, charter contracts as well as a large list of past, loyal guests.

The unexpected withdrawal of the Russian research ships, which is playing out in legal arenas, left One Ocean with a single vessel in the RCGS Resolute, which it has on a long-term charter agreement.

One Ocean said in a statement that the withdrawal of these ships “was an unexpected and destabilizing event, and the violation of our contract remains the subject of ongoing legal action.”

The RCGS Resolute currently sits dockside in Buenos Aires ; its most recent departure did not go ahead and guests were left stranded in Argentina. The ship was reportedly chartered to a tour company specializing in bird watching, which had even proposed to pay a $230,000 fuel bill to save the cruise.