Shipping company Atlantic Offshore (AO) confirmed it’s “business as usual” at its Aberdeen operation after its parent company announced it had sold its assets and was filing for bankruptcy.
Two of the Norwegian firm’s Scottish companies were put into administration and were then bought out a day later as part of the process, securing more than 260 jobs.
EY were appointed as administrators to AO’s Scottish companies, Atlantic Offshore Rescue and Atlantic Offshore Aberdeen, on Monday.
EY yesterday confirmed the UK businesses and assets had been sold to a subsidiary of another Norwegian firm, Aegopodium, which also acquired AO’s north-east businesses, Atlantic Offshore Scotland, Atlantic Offshore Crewing Services, which had not been in adminstration.
Aegopodium also acquired the group’s Norwegian assets and promised to inject a further £6million in fresh capital.
EY said 13-office based staff and about 250 seafarers will be transferring to the new owners.
AO Rescue is the Aberdeen-based safety standby operation that evolved from the business of the Havila Group which dates back to 1995.
The company provides a fleet of eight multi-role and dedicated emergency response and rescue vessels (ERRVs) to the offshore oil industry.
Joe O’Connor, a partner in EY’s restructuring team, said: “Significant cost pressures in the oil and gas industry and particularly in the oilfield services sector as a result of the sustained low oil price, had left the wider group in financial difficulty.
“As a result, part of the UK group was placed into administration.
“However, these sales mean that it will be business as usual for the UK group’s customers and have secured over 260 jobs.”
The struggling Norwegian shipping group announced to the Oslo stock exchange its assets had been bought by a newly established business, Aegopodium, owned by Norway’s historic industrial group, Ogreid and Sonner, for NOK16.9mllion (£1.45million).
As a result, the group and its Norwegian subsidiaries will be filing for bankruptcy.
Atlantic Offshore group’s Norway-based chief executive Roy Wareburn, who will remain with the new company, 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.
“The weak market will continue to be a challenge for several years, and we need to take further steps to ensure our continued competitiveness.”
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