Deloitte appointed administrators of BiFab

Deloitte has been appointed administrator of engineering firm BiFab.

Deloitte appointed administrators of BiFab

Last week, Scottish Financial News reported that the firm had gone into administration after failing to secure any new contracts.

In order to save BiFab from closure in 2017, and to support the delivery of SSE’s Beatrice Offshore Wind project, the Scottish Government invested £37.4 million through a combination of equity and loan facilities and converted this to a 32.4% equity stake in BiFab.

A loan facility of £15m has also been provided to support working capital.

Despite this, the company announced that the board had agreed to place the company in administration following the Scottish Government’s decision to remove contract assurances.

Announcing the appointment of Deloitte, economy secretary Fiona Hyslop, said: “The Scottish Government will continue to do everything in its power to support BiFab’s workers and help forge a new future for the yards in Fife and the Western Isles.

“We are hopeful that a buyer willing to invest in the business will be found and we will work closely with administrators and trade unions to secure the best possible outcome for the workforce, the yards and local communities.

“We have already had requests for information from interested parties and will share these with the administrators to explore all of the options available. I have also contacted Saipem reiterating our commitment to BiFab’s workforce and to the contract to build foundation jackets for the Neart na Gaoithe (NnG) project being delivered in Scotland.”

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