24.08.2004

Offshore Crane Company heads into Liquidation

Offshore Crane Company in slip towards Liquidation
Dyce, Aberdeen based Offshore Crane Engineering Ltd has been placed into provisional liquidation with KPMG appointed as liquidators, their brief is to look for potential buyers prior to a full liquidation.

Blair Nimmo and Neil Armour of KPMG Corporate Recovery have been appointed as Joint Provisional Liquidators of Aberdeen-based Offshore Crane Engineering Ltd on Friday 20 August 2004.

Established in 1986, Offshore Crane Engineering Ltd and its two divisions, Bucyrus Erie Marine cranes and Caledonia lifting and certification services provide a one stop crane management service to the offshore industry, from the provision of cranes, maintenance, overhauls, specialist personnel and associated consultancy services to meet the needs of the North Sea oil and gas sector from its base in Dyce.

The business, with a turnover of approximately £6 million, employed 75 staff at the time of appointment, 24 of those employees were made redundant yesterday.

Offshore Crane Engineering Ltd has recently experienced cash flow difficulties due to the combined effects of pricing competition, two bad debts and the postponement of a lucrative contract.

Joint Provisional Liquidator, Blair Nimmo, Head of KPMG Corporate Recovery in Scotland said: “Offshore Crane Engineering Ltd has a blue chip customer base, excellent facilities and a highly skilled workforce. It represents an excellent acquisition opportunity for a party looking to expand in this industry sector.”
“We will allow the business to continue

The company had formed a strategic alliance with Norwegian company Scansense for niche crane maintenance services, including the provision and installation of Scansenses Boltsafe washers that monitor pressures and stresses in critical bolts such as those used on the slew rings of offshore cranes .