Wed, 29 Apr 2015 | ADMINISTRATION
A deep sea engineering company has entered administration after struggling to stay afloat with only one ongoing contract and a lack of funding.
X-Subsea UK Holding Ltd and its UK subsidiaries, X-Subsea UK Ltd and X-Subsea Atlantic Ltd, were placed in administration by a team from FRP Advisory.
The company had a strong international reputation for both designing and building patented tools for use in the oil and gas, renewables and civil engineering industries at depths of up to 2,500 metres.
In addition to tools, the company provided a number of associated services including surveying, planning and design, as well as excavation and project management of dredging and other jobs.
The administrators elaborated on the causes of the administration, highlighting the unsustainable losses and cash flow problems that had been experienced by X-Subsea in recent times following a drop in orders. The firm wasn't helped by the fact that its parent company, Norwegian-based Reef Subsea AS, was placed into a Norwegian insolvency procedure in February 2015.
Iain Fraser, joint administrator and partner with FRP, commented: “X-Subsea is the market leader in the design and supply of highly sophisticated excavation and dredging equipment.
“The business has been badly affected by the current downturn in the oil and gas sector, and despite restructuring of the group earlier this year, income and cash flow has fallen substantially, with administration of the UK businesses being the only option.”
He added that the company is now being marketed for sale, as are its assets and encouraged interested parties to get in touch “as soon as possible”.
View the details for X-subsea Uk Holding Limited in administration
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