Thu, 03 Jun 2021 | ADMINISTRATION
Aberdeen-based subsea firm N-Sea Offshore has announced that it has entered administration and has ceased trading with immediate effect.
The companies owners have blamed their financial issues on a lack of suitable contracts, as well as increasing operational costs and a recent collapse in income that has resulted in "unsustainable" problems with cash flow.
Chad Griffin, partner at FRP Advisory, has been appointed as one of the joint administrators for the company following the decision and will now aid the firm's owners as they seek to sell their assets.
Commenting on N-Sea Offshore's financial concerns, he stated that the firm has been hit by general financial downturns in the North Sea, which have been having a significant impact on many businesses operating in the area.
"N-Sea Offshore is an established specialist subsea service business that had undertaken a wide range of contracts for numerous clients operating in the North Sea," he said.
"Despite every effort by the Directors to keep the business trading and ensure the company could survive the downturn in the North Sea, the severe financial problems meant that administration was the only option.
"We will now wind down the business and will be looking to sell the extensive assets as soon as possible."
N-Sea Offshore Limited was launched in 2014 and is a subsidiary of the global N-Sea Group, which is headquartered in the Netherlands.
As a result of the company entering administration 30 members of staff have been made redundant with immediate effect, but Mr Griffin has confirmed that N-Sea Offshore is working closely with the Redundancy Payments Service and a number of other agencies to minimise the financial impact on the employees.
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