The holding company for UK-based marine survey company Bibby HydroMap, which has been placed in administration, say trading conditions had been challenging since last year
Bibby Marine Ltd chief executive Helen Samuels, who heads the holding company of Bibby HydroMap, told OWJ, “Bibby HydroMap has built its reputation over many years as an innovative, client-and high-quality seabed data provider.
“This decision does not reflect on the quality and dedication of our colleagues, or the strength of our client relationships, but rather an economic reality. This was driven by the risk and reward balance of recent contracts, coupled with the increasingly volatile weather conditions we are experiencing.
“After exploring all options available to us, and in light of last year’s difficult trading conditions, plus the capital required to see the business through to the peak summer trading period, the Hydromap board has had to make the difficult decision to place Bibby HydroMap into administration.
“While a number of expressions of interest were received from both financial investors and trade parties, unfortunately partly due to market uncertainty caused by Covid-19, this interest did not materialise into any viable offers.
“It is with great regret that this decision needed to be taken and I want to thank our colleagues at Bibby HydroMap for their hard work and loyalty. Our priority now is to work with KPMG to support them through what is a really tough period.
“Bibby Marine Ltd will continue to provide marine logistics services including operational and maintenance support to the offshore energy market, and floating accommodation services to a range of clients in the offshore, mining and major infrastructure sectors.”