BiFab hunts cash lifeline
UPDATE: Staff to continue working on Beatrice order, despite financial problems
Troubled Scottish company BiFab is facing a “critical cash position” due to “a challenging situation” on its fabrication contracts.
Company directors are seeking an “immediate financial solution” and are working on securing support to allow the company to continue trading, a BiFab statement said.
It is currently working on a contract to deliver jacket foundations for the 588MW Beatrice wind farm in the Moray Firth, Scotland.
Company staff agreed at a meeting today to continue working on the Beatrice order, even if they are not paid, in order to ensure it remains at the yard, according to unions.
BiFab has filed a notice of intention to appoint administrators to protect the company but is not currently in administration.
“The directors remain hopeful that a solution can be reached to secure the future of the business and the workforce,” the statement said. It employs 1400 people across three Scottish yards.
Managing director Martin Adam added the company is seeking a “rapid solution” with key stakeholders and the Scottish government.