This means that most of the 320 plus jobs in the wind farm sector will be saved, although some 50 redundancies have been announced by administrators Pricewaterhousecooper.<\/p>\n
The Aberdeen based Subocean was recently feted as the second largest growing private company in the UK and one of Scotland\u2019s most successful businesses, concentrating on wind farm construction.<\/p>\n
In 2010 the rapidly expanding company reported sales of more than \u00a365m against \u00a31.7m in 2006 and it had secured \u00a342m of funding from lenders including Lloyds’ LDC and HSBC. Its managing director John Sinclair had previously been in charge of CNS Subsea, which crashed in 2005 with debts of more than \u00a320m, and which was controversially sold to its former boss and two others.<\/p>\n
The rescue deal includes Subocean\u2019s land based assets and key contracts, but Technip has not taken on Subocean\u2019s debts or its directors. A Technip spokesperson said the Subocean operation will be absorbed into Technip\u2019s renewables business and the name will disappear.<\/p>\n
With large mutli-miilion pound contracts on the Greater Gabbard and Thanet Offshore wind farms, Subocean had chartered the specially adapted cable laying DP2 vessel Polar Prince<\/em> on a \u00a330m two year renewable contract. This was acclaimed at the time as the first application for such a vessel in the renewables sector. From late January, however, Polar Prince<\/em> was being held at Parkeston Quay, Harwich under a writ served by the main Gabbard contractor Fluor.<\/p>\n Fluor and Scottish and Southern Energy had hired Subocean to install offshore power cables at the Greater Gabbard and by using the DP vessel\u2019s ploughing technology the company claimed to have reduced cable installation time by half. Subocean also installed more than 70 subsea power cables on the Thanet wind farm.<\/p>\n Cash flow problems have been cited as the main reason for the company\u2019s collapse although industry sources report a number of broken cable incidents both onshore while loading and offshore while attempting to place cables into the monopile J-tubes.<\/p>\n by Graeme Ewens<\/p>\n","protected":false},"excerpt":{"rendered":" The assets of the market leading offshore cable laying company Subocean, which went into administration in late January, have been acquired by the French energy group Technip in a deal reportedly worth \u00a310m.<\/p>\n","protected":false},"author":8,"featured_media":1952,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12],"tags":[],"sponsor":[],"class_list":["post-1951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-key-deals"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.maritimejournal.com\/get-set-for-workboat-2050\/wp-json\/wp\/v2\/posts\/1951","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.maritimejournal.com\/get-set-for-workboat-2050\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.maritimejournal.com\/get-set-for-workboat-2050\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.maritimejournal.com\/get-set-for-workboat-2050\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.maritimejournal.com\/get-set-for-workboat-2050\/wp-json\/wp\/v2\/comments?post=1951"}],"version-history":[{"count":1,"href":"https:\/\/www.maritimejournal.com\/get-set-for-workboat-2050\/wp-json\/wp\/v2\/posts\/1951\/revisions"}],"predecessor-version":[{"id":1953,"href":"https:\/\/www.maritimejournal.com\/get-set-for-workboat-2050\/wp-json\/wp\/v2\/posts\/1951\/revisions\/1953"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.maritimejournal.com\/get-set-for-workboat-2050\/wp-json\/wp\/v2\/media\/1952"}],"wp:attachment":[{"href":"https:\/\/www.maritimejournal.com\/get-set-for-workboat-2050\/wp-json\/wp\/v2\/media?parent=1951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.maritimejournal.com\/get-set-for-workboat-2050\/wp-json\/wp\/v2\/categories?post=1951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.maritimejournal.com\/get-set-for-workboat-2050\/wp-json\/wp\/v2\/tags?post=1951"},{"taxonomy":"sponsor","embeddable":true,"href":"https:\/\/www.maritimejournal.com\/get-set-for-workboat-2050\/wp-json\/wp\/v2\/sponsor?post=1951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}