Reef Subsea UK Asset Up for Sale

Reef Subsea UK Equipment Up for Sale

Lambert Smith Hampton (LSH) have been appointed to sell an SMD Heavy Duty Inter Array Flexibles Plough formerly operated by Reef Subsea UK as the subsea services specialist fell into Administration earlier in March this year.

Following the bankruptcy of the wider group, the directors have sought to secure the survival of the business. The company was also forced to make a number of redundancies in order to reduce ongoing costs.

Dan Butters and Adrian Berry of Deloitte, the business advisory firm, were appointed as administrators to Reef Subsea UK March 3, 2015, and now asset consultants at LSH have been selected to handle the sale of the plough, delivered in Q1 2013 and used for and completed a 20-month, £80m project on the Gwynt y Mor Offshore Wind Farm, owned by RWE Innogy.

Commenting on the instruction, Keith Tatterton, Director at LSH’s Machinery & Business Assets team, said: “This plough is unique and is based upon the SMD HD3 platform, of which there are only five in the world. This sale is a great opportunity to purchase a high quality piece of equipment at a reduced price and lead time. As such it represents a unique opportunity for the right buyer wishing to enter this exciting developing renewables market place.”

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