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Reef Subsea UK Fall into Administration

Reef Subsea UK Fall into Administration

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11 March 2015

Last month's bankruptcy of the Thornaby firm's Norwegian parent company forced directors to look for a speedy sale.

Administrators have been appointed to Thornaby-based marine trenching business Reef Subsea UK Limited after it became the latest casualty of the global oil price crisis.

Around 43 of the firmís 70-strong workforce at its Thornaby head office and Port of Blyth launch base have been made redundant, though there are still hopes of keeping the keep the business as a going concern.

The move comes just over a month after the Teesside operation insisted it was not in administration as news of its Norwegian parentís demise unfolded.

Accounts for Reef Subsea UK, a separate legal entity to Norwegian-based Reef Subsea AS, show the company made a post-tax loss of £15.9m in 2013.

Administrators Dan Butters and Adrian Berry of Deloitte were appointed to Reef Subsea UK on March 3 and continue to trade the business to preserve its main contract whilst assessing options.

The pair confirmed the options included progressing interest from potential buyers.

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