A Chinese court has placed Sinopacific Offshore and Engineering in administration.
It comes after one of the Shanghai-based company’s creditors, Shanghai Baosteel Pudong International Trade Company, applied for it to be liquidated.
The court said more than 20 debt related lawsuits had been filed against Sinopacific Offshore and Engineering, a subsidiary yard of Sinopacific Shipbuilding.
Two of Sinopacific Shipbuilding’s yards, Zhejiang and Dayang, earlier ceased operations after running out of money.