ROVworld Subsea Information

Oceanteam company update
Date: Thursday, April 30, 2009 @ 17:00:00 EDT

Oceanteam company updateDue to the incurred losses on several cable installation projects performed by Oceanteam's UK subsidiaries the liquidity situation in Oceanteam ASA has become very tight and does no longer allow for funding of the Oceanteam operations in the UK.

The board of Oceanteam has therefore decided to terminate this funding. It is expected that as a consequence of this decision Oceanteam Power & Umbilical Ltd and Oceanteam Subsea Services Ltd, both based in Aberdeen, will need to file for liquidation.

This article comes from ROVworld Subsea Information

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