Aberdeen-based subsea dredging and excavation specialist, X-Subsea UK Holding and its subsidiaries, have entered into Administration on April 27, 2015 following the collapse of wider Norwegian-based parent group.
The company informed that Alexander Iain Fraser and Thomas Campbell MacLennan from FRP Advisory were appointed as Joint Administrators to X-Subsea UK Holding Ltd, X-Subsea UK Ltd and X-Subsea Atlantic Ltd.
The affairs, business and property of each of the companies is being managed by the Joint Administrators, who act as agents of each company and without personal liability.
Alexander Iain Fraser is authorised to act as an insolvency practitioner in the United Kingdom by the Insolvency Practitioners Association.
Thomas Campbell MacLennan is authorised to act as an insolvency practitioner in the United Kingdom by the Institute of Chartered Accountants of Scotland.
Iain Fraser said: “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 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.
“X-Subsea has a blue chip client base and interests in valuable intellectual property assets. We will now market the businesses and assets for sale, and would urge interested parties to contact us as soon as possible.”
According to reports, 20 Aberdeen-based staff at X-Subsea UK have been made redundant with immediate effect, while remaining six employees have been retained to complete the company’s ongoing contract.