CapitalChange, the majority shareholder in the Parent Company of N-Sea Group has been reviewing the position of N-Sea Offshore Limited since the acquisition in detail. Since that point there have been several changes made to the business to stabilize and strengthen the position of the group.

In the case of N-Sea Offshore Ltd based in Aberdeen a number of execution issues have been identified, as well an ongoing investigation by the HSE authority regarding a safety breach during offshore operations. This has led to the conclusion that significant restructuring and a complete rebuild of the Aberdeen operations needs to take place. In addition, the Company have considered the ongoing funding requirements of the business and liaised with the main funder of the business in the UK. Following these discussions, N-Sea Offshore have concluded that they cannot secure funding to allow the business to continue to trade and have therefore appointed administrators to take control of the company. 

How does the above effect the Company's ongoing business?

Other subsidiaries and partnerships are not affected by the above decision, as such the ongoing commitments / operations under the various entities and labels will remain intact.

KeyFacts Energy Industry Directory: N-Sea