A deal has been agreed that will save Scottish fabricator BiFab from filing for administration, according to the Scottish Government.
A financial package to complete the contract for the 588MW Beatrice offshore wind project has been provided by balance of plant contractor Seaway Heavy Lifting and utility-developer developer SSE.
The Scottish Government has also indicated that it will, if necessary, make available a commercial loan facility to BiFab.
“Ministers recognise that work remains to be done to secure the long term future of the company,” the Scotish Government said.
Sturgeon tweeted on Saturday that “two days of intense discussions” had successfully concluded.
“Work still to do for the long term, but this will be much-deserved relief for the workers.”
The company said last week it was facing “critical” cash flow problems on a contract to fabricate jackets for Seaway Heavy Lifting for the 588MW Beatrice wind farm.
SHL said the rescue deal is endorsed by all stakeholders.
“We have worked very hard along with the other stakeholders to find constructive solutions to support BiFab. We appreciate the role that the Scottish Government has played in reaching a positive solution for all,” SHL chief executive Jan Willem van der Graaf said.
“Seaway Heavy Lifting will continue to always treat its suppliers fairly, with respect and integrity and we look forward to BiFab successfully completing the remainder of the Beatrice jacket fabrication.”
BiFab directors confirmed a solution has been agreed that will allow the business to start to return to normal trading.
BiFab managing director Martin Adam said: “We are very pleased to report that we have been able to secure the future of BiFab and its workforce.
“This has been a very difficult week for the business and all those connected with it, but I’d like to take this opportunity to thank the workforce and the unions, and all those suppliers who have continued to work with us, for their invaluable support.
“We hope that this support continues over the coming weeks whilst we get the business to return to full normal trading. We will be speaking to the unions and workforce on Monday, and communicate with the suppliers over the course of next week.”
Image: BiFab
