Bifab administrator rules out immediate redundancies
The administrator appointed to Burntisland Fabrications ( B i Fa b) h a s s a i d n o r e d u n - dancies are planned at this stage.
Bifab announced earlier this month it was entering administration after S cottish ministers ruled out nationalising the company, saying it would b e unlawful under state aid rules to continue financially supporting the yards.
D e l o i t t e h a s n o w b e e n appointed as administrator and will assess the company's prospects with a view to finding a suitable buyer.
It hopes to generate interest in Bifab from one of the industry's larger players.
The business was rescued by the S cottish Government in 2017 and bought by Canadabased DF Barnes in 2018 but with the Government as the "primary financiers".
A £2 billion deal for Bifab to manufacture eight wind turbine jackets at its yard in Methil, Fife, recently collapsed as about 500 staff were preparing to return to work on it.
Gavin Park, who has b een appointed joint administrator along with Clare Boardman, said: "Bifab has faced tough trading conditions for several months.
"Despite the efforts of management, shareholders and stakeholders, with no immediate revenue oppor tunities the business has now unfortunately entered administration.
"We are reviewing the company's assets as par t 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."
He added: "Through its longestablished expertise, which is supp or ted by sites in Fife and on the Isle of Lewis, Bifab would be well positioned to serve these.
"We h ave l i a i s e d wi t h t h e S cottish Government in our development of the administration strateg y and hop e 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."
The S cottish Government said it will continue to do everything in its power to support Bifab's workers and help forge a new future for the yards in Fi f e a n d t h e Wes t e r n I s l e s .