X-Subsea Norway Goes Bankrupt
Dredging and excavation specialist X-Subsea’s Norwegian division has been declared bankrupt.
The Mandal-based division, which currently employs 47 people, has failed to secure a financial boost after its parent company Reef Subsea Norway filed for bankruptcy earlier in February this year, causing a chain reaction within its subsidiaries.
Short after, Reef Subsea UK and its subsidiary Specialist Subsea Services have fell into administration.
Following the bankruptcy of the wider group, X-Subsea informed its employees last week that the company delivered the petition for bankruptcy to the probate court in Kristiansand.
It remains unknown how many of the 47 employees will be affected by the bankruptcy.
In April last year, Reef Subsea was reorganized in three separate entities to be known as Reef Subsea, X-Subsea and Technocean Subsea.
Headquartered in Houston, US, with operations in UK, Norway, Singapore and the Middle East, X-Subsea was formed to replace Reef Subsea dredging and excavation brand.