Wed, 21 May 2025 | ADMINISTRATION
Manta Systems UK Limited, a North East-based supplier of modular remote and autonomous underwater vehicles to the subsea industry, has fallen into administration, with Gareth Harris and Lee Lockwood of RSM UK appointed as joint administrators.
Following their appointment, the joint administrators are seeking to realise the assets of the company on the best available terms in order to distribute funds to creditors, where possible, in the order of priority.
Manta Systems fell into administration at the end of April, approximately a year after the company was acquired by global marine services firm PXGEO, following several years of losses and a winding-up petition from Tompkins Investments.
Previously trading as Modus Subsea Services before a name change in September 2024, the company had been operating for more than 35 years and specialised in autonomous subsea drones used in the oil and gas sectors.
The company has experienced a challenging few years, including a restructuring in 2022 which saw it sell a fleet of remotely operated vehicles (ROVs) in order to streamline its business to focus on underwater intervention drone development. That year, the company also reported an operating loss of £1.3 million and had net liabilities totalling more than £9.7 million.
Despite the restructuring, the £5 million sale of its ROV fleet and the company’s subsequent acquisition by PXGEO, Manta has continued to face challenges. A hunt for a rescue buyer failed earlier this year, resulting in the company’s collapse.
Joint administrator and RSM UK partner Gareth Harris commented: “As a result of sustained losses and a winding up petition, Manta Systems UK Limited had limited options available in the circumstances and unfortunately, a sale of the business as a whole was not possible.”
"It’s a very uncertain time for businesses and unfortunately the company faced several challenges which were exacerbated by the current economic climate and general market uncertainty. Following our appointment, we’re working closely with the company’s creditors and other stakeholders to realise assets identified and deal with creditor claims.”
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