PwC safeguards jobs in North Sea

Cash-hit shipping firm sold in pre-pack

Fletcher ShippingA shipping company operating vessels in the North Sea has been sold in a pre-pack administration after it fell victim to the collapse in the oil price.

Alan Brown and Bruce Cartwright of PwC handled the sale of  Portlethen-based Fletcher Shipping to FS Shipping, safeguarding jobs and contracts.

The fall in the oil price from $110 to $45 a barrel hit cash flow and the firm’s bankers failed to find a buyer for the business.

After concluding the sale to FS Shipping, Mr Brown said the daily vessel supply spot rate has been squeezed down from around £18,000 a day to nearer £3,000 – an 83% drop.

The sale has resulted in four ‘Ulstein’ designed and British registered platform supply vessels – FS Aquarius, FS Pegasus, FS Taurus, and FS Pisces transferring to the new owner alongside associated operating machinery, plant and office equipment. Management were advised by KPMG.

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