PwC safeguards jobs in North Sea
Cash-hit shipping firm sold in pre-pack
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.