Jobs lost as CIE go bust

An Aberdeen oil and gas engineering firm has gone into administration with the immediate loss of 21 jobs.

Directors of CIE Well Control Limited (CIE) called in administrators after the oil-price collapse squeezed the firm’s cash resources.

The firm, which provides a range of subsea and surface engineering services to the oil and gas industry from its base in Aberdeen, began to encounter a fall in client orders, as oil and gas operators began to cut costs and actively target reductions in both capital and operating expenditure.

This ultimately required the directors to seek the appointment of Blair Nimmo and Geoff Jacobs of KPMG LLP as joint administrators.

The administrators said it was “uncertain” that the company had the funds to complete existing contracts – as a result 21 employees have been made redundant while two have been kept on to help realise company assets.