Posted on 01.09.2012 - 15:58 EDT in ONSHORE NEWS by jamesmc
Nearly 40 Jobs were axed at an Aberdeen-based oil and gas technology company last night after it slid into administration. Joint administrator Blair Nimmo of Business advisor KPMG said Expro AX-S Technology, part of international oilfield services company Expro, was unable to access the funding it needed to support ongoing costs. The wider Expro group is not in administration and is operating as normal.
A spokesman for KPMG said "Unfortunately, 39 of Expro AX-S Technology's 44-strong workforce - all based in Aberdeen - have been made redundant.
"The administration are taking all steps to identify parties that may have an interest in the assets and or the business."
Expro AX-S Technology developed a system used by oil & gas companies to access and work on their subsea wells.
Field tests tests took place in Norway earlier this year and the first commercial assignment, after a GBP126 million investment in the technology by the Expro group, was due to start this month.