Struggling shipping company Atlantic Offshore has been bought by a newly established Norwegian business for NOK16.9mllion, but the deal sees some its subsidiary companies going bust, including operations in Aberdeen.
Atlantic and the Norwegian group companies will file for bankruptcy. The Scottish group companies, Altantic Offshore Rescue and Atlantic Offshore Aberdeen, have gone into administration, with EY appointed administrator.
The move saves the jobs of more than 400 skilled employees and ensured continued services for more than 10 offshore fields in Norway and the UK, the company said.
Atlantic issued a statement to the Norwegian stock exchange this morning saying the business had been sold in order to carry on operations.
It said it has entered into and completed an agreement “securing continued operation and fulfilment of contractual obligations towards customers and employees”.
Atlantic Offshore has sold most of its operations and subsidiaries to Aegopodium, a newly established company 100% owned by H Ogreid & Sonner.
Atlantic chief executive Roy Wareburn, said: “The last few months have been extremely challenging. In the past few weeks we have continued operations under guarantees from secured creditors in the subsidiaries and we are pleased that there is now finally a solution.”
“It has been a tough time for all parties involved and we sympathise with those who sustain losses. However, we are confident the result represents the best possible solution for all stakeholders.
Wareburn will take on a similar role in the new company.
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