Subsea engineering and fabrication business, MacKellar Sub-sea Ltd, has reportedly gone into administration putting almost 100 jobs at risk.
The company, based in Grantown-on-Spey, employs 97 full and part-time staff of which 86 are employed at the main facility.
MacKellar has fallen victim to financial pressures stemming from unspecified contracts.
According to reports, Tom MacLennan and Iain Fraser of FRP Advisory have been appointed joint administrators and will continue to trade the group while they seek a buyer for the company and asset.
The company has also appointed administrators to related companies Tritech Nairn Ltd. and its dormant business with no employees MacKellar Tritech Ltd.
Joint Administrator, Tom MacLennan, said: “Losses on a number of contracts and consequent financial pressures have resulted in Administration being the only option for the business.
“That said, we believe there is a viable business underlying these recent contract-related losses and we will continue to trade the company whilst actively seeking a buyer.”
The main company occupies a five-acre fabrication and assembly facility in Grantown-on-Spey incorporating a fabrication shop, machining shop, assembly shop, offices, stores, stockyard and assembly area.
Subsea World News Staff; Image MacKellar