Specialist Subsea Services (S3) has gone into Administration
An Aberdeen ROV & subsea company has gone into administration at the cost of 77 jobs.
Accounting firm KPMG has been appointed as the administrators of Specialist Subsea Services (S3), which was established in 2007. A total of 77 of the company's 82 staff were immediately made redundant, and assets are being marketed for sale.
S3 specialises in areas including remotely operated underwater vehicles (ROVs) and offshore survey.
Joint administrators Blair Nimmo and Geoff Jacobs of KPMG are exploring whether an early sale of the business, infrastructure and assets can be secured.
Mr Nimmo said: "The company is well known in the subsea services industry and has a significant infrastructure comprising several ROV systems together with significant subsea equipment, a customer base and intellectual property.
"We will do everything we can to seek a buyer who may be able to protect the business and which would maximise recoveries for creditors whilst also helping to maximise opportunities for the workforce.
"We will be working with the employees and the relevant government agencies to ensure that the full range of support is available to all those affected."
The remaining five staff have been kept on in the short term to help market the business and assets for sale.
Aberdeen, United Kingdom