Calecore Enters Into Administration

Norfolk, UK-based offshore site investigation company Calecore has entered into administration, the company announced today.

Joint administrators Matt Howard and Paul Pittman of Price Bailey Insolvency and Recovery LLP were appointed on March 23rd to oversee discussions with key stakeholders.

The company pointed to US and EU sanctions against Russia, and the resulting smaller and later payments on a large project in the Kara Sea for Exxon and Rosneft, as the reason for the insolvency. This was compounded when a 50 percent shareholder in Calecore withdrew the majority of their loans upon final collection of Russian funds.

Following an initial assessment of the business and its circumstances, 17 core administration staff, together with a number of employees with experience in operations, will be retained. The remaining 50 staff will be made redundant and will receive guidance from experience insolvency employment specialists Insol Group regarding their entitlements.

The administrators have begun to contact all known Calecore creditors regarding any claims. It is hoped that at least part of the business can be sold on an ongoing concern basis. Efforts to find a buyer are ongoing.

Any parties with interest in purchasing assets should contact [email protected].