The offshore shipowner will continue working on existing projects at the same time that it is being charged of defrauding Citigroup of $400m.

Mexico took control of Oceanografia in February after Citigroup said its Mexican arm, Banamex, lost the money on loans granted to the company based on fraudulent invoices.

Chief executive, Amando Yanez, was officially arrested in early June before being released on a $6.2m