Oslo: The fragile state of the subsea market has seen more redundancies announced.
Dredging specialist X-Subsea’s Norwegian division has been declared bankrupt.
The company needed a capital injection, hoping to collect outstanding receivables from sister firm Reef Subsea, which went bankrupt a couple of weeks prior.
In addition, X- Subsea’s Norwegian division has a handful of contracts in the North Sea working with Subsea 7. Earlier this month Subsea 7 released 1,000 from its workforce, citing uncertainty in the subsea market.
“Subsea 7 is one of out biggest clients,” chairman Niels-Henrik Brodtkorb told Splash. He said he hoped to find a way for the Norwegian division to continue perhaps under another name and structure.
X-Subsea Norway has 47 people on its pay roll.
X-Subsea’s global operations claim to have the world’s largest fleet of controlled flow excavation and precision dredging equipment.
Last April Norway-based Reef Subsea restructured to create three independent companies – Reef Subsea, X-Subsea and Technocean Subsea. X-Subsea replaced the Reef Subsea Dredging and Excavation brand, and is headquartered in Houston in the US.