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    Oceanteam's UK operations to file for liquidation

    News // May 7, 2009

    Oceanteam group, which is building a number of construction support vessels, of which two have been delivered, has announced that due to losses incurred on several cable installation projects performed by the company's UK subsidiaries, the liquidity situation at Oceanteam ASA has become "very tight" and no longer allows for funding of Oceanteam's operations in the UK.

    The board of the company has therefore decided to terminate this funding, and it is expected that, as a result, Oceanteam Power & Umbilical Ltd and Oceanteam Subsea Services Ltd, both based in Aberdeen, will need to file for liquidation.

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