Oslo: Oslo-listed subsea contractor Cecon has said it has been unable to successfully restructure and it has asked a court to declare it bankrupt.
The company said that the company’s cash balance, which had been in escrow against a Gdf contract, has been given to Gdf against its will.
Cecon said other companies it has invested in will continue to operate.
According to its site, the firm has one ship and two more under construction.