ATP Oil and Gas is reportedly preparing to file for bankruptcy.
The US firm, which operates the North Sea Cheviot field, is understood to be negotiating a £382.5million loan which would keep it running.
According to reports, ATP has been in discussions with creditors about the parameters of the financing and the potential bankruptcy proceedings.
No one could be contacted yesterday for comment at Houston-based ATP. The company, which sold £265million of North Sea assets to EDF in 2008, signed a string of contracts earlier this year for the development of Cheviot.
Petrofac was awarded a multimillion-pound pre-operations deal for a floating production facility, while Subsea 7 agreed a £100million-plus contract for work on the development about 75 miles east of Shetland. GE Oil & Gas also won a £49million contract to supply ATP with subsea production equipment, ancillary systems and related services for the project.