ROVworld Subsea Information

Sale interest in Aberdeen subsea cable-laying specialist
Date: Tuesday, May 24, 2005 @ 08:32:13 EDT
Topic: GENERAL NEWS


Aberdeen firm Cns Subsea, which went into administration earlier this month, has attracted several expressions of interest.

Joint administrator Neil Armour said yesterday he was encouraged by the response from potential buyers of the subsea cable-laying and burial specialist, but he was unable to comment on where the interest was coming from.



Mr Armour added that, in any insolvency, administrators would want to get a deal done sooner rather than later, but he could not say at this stage when that point might be reached.

He said Cns Subsea was continuing to trade while the search for a buyer on a going-concern basis went on.

It was reported last week that the firm had gone into administration with debts of several million pounds, and Mr Armour said he could say no more than that.

Meanwhile, John Sands, managing director of James Fisher group company Scan Tech UK, said yesterday that a winding-up order on Cns Renewables was not served by a James Fisher company.

Although Scan Tech and James Fisher Rumic lodged claims against Cns at Aberdeen Sheriff Court for £166,703 and £47,521 respectively, Mr Sands said it should be noted that no James Fisher company was involved in any winding-up order.

The order was served by an unnamed supplier, resulting in Cns going into administration.

Around one-third of its 32 employees were subsequently paid off by joint administrators Mr Armour and Blair Nimmo, both of KPMG.

Cns Subsea was founded in 1997. Its turnover increased 10-fold in its first four years and in February 2001 it was named as winner of the New Start award in the Grampian Awards for Business Start-up.

May 24, 2005


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