Administrators have been appointed at Aberdeen-based N-Sea Offshore, after its Dutch parent company N-Sea could not secure funding to allow the business to continue to trade in the UK.
N-Sea said that its Aberdeen operation required significant restructuring and a complete rebuild, in addition to the ongoing funding requirements from its main backer of the business in the UK.
The move, which puts around 25 jobs at risk, comes following a review by CapitalChange, the majority shareholder in the subsea services firm. The review identified a number of execution issues at N-Sea Offshore, including an ongoing investigation by the HSE authority regarding a safety breach during offshore operations.
“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 utilisation is being investigated and worked on,” N-Sea said in a statement.
Other subsidiaries and partnerships are not affected by the decision.