Aberdeen-based subsea operations firm CIE Well Control has entered administration due to persistently low oil prices and a lack of production activity.
Some 21 employees have already been made redundant from the firm, while two staff have been kept on to handle the administration process.
KPMG, the firm’s administrator, is now seeking a buyer for CIE’s assets.
“Our appointment today is yet another example of a business in the sector which has been negatively impacted by the low oil price and the consequent reduction in upstream activity resulting in cash flow challenges,” said Blair Nimmo, joint administrator and UK head of restructuring for KPMG.
“We are currently working with retained staff to realise all assets, and will provide all employees affected by redundancies with appropriate guidance and support.”