Administrators called in to offshore firm

Mon, 30 Mar 2015 | ADMINISTRATION

A Buxton-based offshore firm has had to call in administrators after a winding-up petition was lodged.

Calecore, a firm specialising in offshore site investigations, has gone into administration to protect its assets. The move came after a Dutch creditor lodged a winding-up petition, despite recent proposals to restructure its debt.

Dutch company Fugro’s actions were slammed in a statement from Calecore. The firm said: “Experts are of the opinion that the current filing must be seen as a very aggressive move to limit their only credible integrated site survey competitor, Calecore.”

However, the offshore firm, which has operations in Russia, Norway and Singapore, explained that Fugro’s actions were not the sole motive behind calling in administrators, noting financial difficulties arising from the sanctions placed on Russia by the UK and US.

Matt Howard and Paul Pittman, of Price Bailey Insolvency, were appointed joint administrators of Calecore on 23 March. Insider Media reports that a spokesperson for the insolvency firm said that 50 of the 68 staff employed by the company will be made redundant as a result.

Fugro told Insider Media that they had been forced to take legal action after Calecore failed to fully meet scheduled payments, sometimes not at all, and communication between the firms ceased.
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