Mayflower Energy in administration - TIV for sale News
// April 16, 2004
Fairplay, the weekly international shipping magazine (www.fairplay.co.uk) says Mayflower Energy, the offshore wind turbine installation division of thetroubled UK engineering group Maylower plc, has joined two other partsof the group in being put into administration.
Fairplay said that, initially, this action was held off because this arm of the group had different funding arrangements, but the group's £200 million debt has resulted in Deloitte taking on the administration of the company.
Mayflower Energy is the owner of the Mayflower Resolution, a purpose built jack-up turbine installation vessel (TIV) constructed in China at a cost of more than £20 million.
Nick Dargan, administrator of the Mayflower Group, confirmed to Fairplay that energy was not a core activity for the group, so the ship will be sold, and said the vessel had attracted "considerable interest".
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