PressureFab calls in administrators
Two KPMG LLP representatives have been appointed as joint administrators of PressureFab, parent company Twickler Industries, and four more group companies.
DUNDEE, UK – Two KPMG LLP representatives have been appointed as joint administrators of PressureFab, parent company Twickler Industries, and four more group companies.
PressureFab designs and manufactures of specialist rig topsides andsubsea equipment and claims to be Scotland’s largest offshore container manufacturer.
It operates from a 250,000 sq-ft (23,226-sq m) facility with resources to handle customized projects of up to 2,000 metric tons (2,204 tons) of steel and single components of up to 50 metric tons (55 tons).
The oil and gas downturn has caused the company’s revenues to plummet over the past year resulting in unsurmountable cash flow difficulties.
At peak last year the company employed around 100 staff, but all have now been made redundant.
Blair Nimmo, head of restructuring for KPMG in the UK, said: “We are currently reviewing the company’s financial position as we seek to complete certain orders and realize stock.
“The company is widely considered to be a leading manufacturer for the sector and we anticipate there will be interest in the company’s infrastructure including its property, plant, and intellectual property. We would encourage any party with an interest in acquiring the company’s assets to make contact with us as soon as possible.”
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