Fragile subsea market claims more Norwegian jobs

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.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
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