Highland Sub-Sea Firm In Administration
Contract losses and financial pressures are being blamed for administrators being called in at MacKellar Sub-Sea Limited.
A specialist sub-sea oil and gas engineering and fabrication business has gone into administration as a result of financial pressures.
Administrators are seeking a buyer for MacKellar Sub-Sea Limited and its related companies MacKellar Tritech Ltd and Tritech Nairn Ltd, which they believe is a viable business''.
The company employs 97 full and part-time staff, 86 of whom are employed at the main Grantown-On-Spey facility in the Highlands.
Joint administrators Tom MacLennan and Iain Fraser of FRP Advisory will continue to trade the businesses whilst seeking a buyer for the company and assets.
Mr MacLennan said: Losses on a number of contracts and consequent financial pressures have resulted in administration being the only option for the business.
That said, we believe there is a viable business underlying these recent contract-related losses and we will continue to trade the company whilst actively seeking a buyer.''
The company has developed niche expertise in a range of areas, including sub-sea wellhead protection systems, offshore transportation systems and hydro-electric turbines.
Turnover has grown rapidly in the last three years and is likely to exceed £8 million for the latest financial year.
The main company occupies a five-acre purpose-built fabrication and assembly facility in Grantown-on-Spey which incorporates a fabrication shop, machining shop, assembly shop, offices, stores, large stockyard and assembly area.
Tritech Nairn Limited, a grit-blasting and painting facility, operates from a satellite facility on the former RAF base in Kinloss and undertakes work for the main business.
It employs 11 people.
MacKellar Tritech Ltd is dormant with no employees.