Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

BiFab: Administrators plan to find new buyer for stricken Fife firm

BiFab unions
Workers at BiFab.

Administrators appointed after the collapse of Fife engineering firm BiFab will focus their efforts on finding a new buyer.

Gavin Park and Clare Boardman, restructuring partners at Deloitte, were appointed as joint administrators to Burntisland Fabrications Limited today following the firm’s collapse earlier this month.

In a statement, they said they would assess the firm’s prospects with a view to finding a suitable new owner.

They stressed no redundancies are planned at this stage.

Tough trading conditions

Mr Park highlighted BiFab’s potential for future contract wins while cabinet secretary Fiona Hyslop said there had been several requests for information about the firm.

He said: “BiFab has faced tough trading conditions for several months.

“Despite the efforts of management, shareholders, and stakeholders, with no immediate revenue opportunities the business has now unfortunately entered administration.

The BiFab yard in Methil.

“We are reviewing the company’s assets as part of our assessment of the business’ prospects.

“There is a strong pipeline of future wind contracts and projects across the UK, including in Scottish offshore waters.

“Through its long-established expertise, which is supported by sites in Fife and on the Isle of Lewis, BiFab would be well positioned to serve these.”

Scottish Government pulled support

The future of BiFab has been in doubt since the Government withdraw financial guarantees supporting the manufacturing of eight offshore wind turbine jackets for the Neart na Gaoithe (NnG) project in October.

The NnG work would have brought hundreds of workers back to the company’s yards in Methil and Burntisland.

First Minister Nicola Sturgeon visited BiFab when its short-term future was secured in 2017

BiFab was also overlooked for work on the Seagreen offshore wind project in favour of a Chinese company in September.

The Scottish Government previously bailed BiFab out in 2017 and remained a minority shareholder after the company’s purchase by Canadian firm JV Driver through its subsidiary DF Barnes.

In total the company received £52m from the Scottish Government.

Mr Park said the Government had been informed of the administration strategy.

He added: “We hope to generate interest in BiFab from one of the industry’s larger players.

“We believe the skills of the BiFab workforce, and the strategically important facilities, can be utilised to take advantage of future market opportunities.”

Several enquiries from potential buyers

Economy secretary Fiona Hyslop said there had been several enquiries about the company since it entered administration.

The cabinet secretary 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.

Fiona Hyslop.

“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.”

Before BiFab was rescued by the Scottish Government in 2017 when “critical cash problems” emerged the company had a workforce of around 1,400 – 251 permanent staff and 1,132 employed via agencies.

 

Already a subscriber? Sign in

[[title]]

[[text]]