Offshore staff
ABERDEEN, UK – FRP partners Iain Fraser and Chad Griffin have been appointed joint administrators of subsea services provider N-Sea Offshore.
The latter was formed in 2014 by the Netherlands-based N-Sea Group.
N-Sea Offshore has provided surveying, IMR and intervention services to the oil and gas, renewable energy and other sectors, using diving equipment and a fleet of vessels, ROVs, and ROTVs.
However, a lack of contracts, rising operational costs and falling income led to unsustainable cash flow issues, and the business has now ceased trading.
Chad Griffin said the financial problems meant that administration was the only option. “We will now wind down the business and will be looking to sell the extensive assets as soon as possible.”
All 30 members of staff have been made redundant with immediate effect.
06/03/2021
