Aberdeen based N-Sea Offshore Ltd is appointing administrators to take control of the company, a statement on the company’s website has revealed.
The move follows a review of the position of the business by CapitalChange, the majority shareholder in the parent company of N-Sea Group, the statement outlined. A number of execution issues were said to have been identified at N-Sea Offshore Ltd, as well an ongoing investigation by the HSE authority regarding a safety breach during offshore operations.
“This has led to the conclusion that significant restructuring and a complete rebuild of our Aberdeen operations needs to take place,” the statement noted.
“In addition, we have considered the ongoing funding requirements of the business and liaised with the main funder of the business in the UK. Following these discussions, we have concluded that we cannot secure funding to allow the business to continue to trade,” the statement added.
“Consequently, as directors we have no option but to appoint administrators to take control of the company. With respect to our colleagues and assets in relation to our Aberdeen office and operation alternative utilization is being investigated and worked on,” the statement continued.
“We are extremely sorry that we have had to take these steps, but they have been taken after careful consideration of the financial information available to us, taking account of our duties and responsibilities as directors, above all, the safe return to home of the staff working for us,” the statement went on to say.
The group’s other subsidiaries and partnerships are not affected by the N-Sea Offshore Ltd decision, the statement highlighted. Ongoing commitments and operations under the group’s various entities and labels will remain intact, the statement confirmed.
N-Sea, which is based in the Netherlands, describes itself as an integrated subsea service provider. The company operates globally, serving clients in the oil and gas, sustainable energy, and civil public sectors, its website shows.
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