Subsea World News has put together a recap of the most interesting articles from the previous week (April 27 – May 03).

Aberdeen-based subsea dredging and excavation specialist, X-Subsea UK Holding and its subsidiaries, have entered into Administration on April 27, 2015 following the collapse of wider Norwegian-based parent group.

The company informed that Alexander Iain Fraser and Thomas Campbell MacLennan from FRP Advisory were appointed as Joint Administrators to X-Subsea UK Holding Ltd, X-Subsea UK Ltd and X-Subsea Atlantic Ltd.

Oslo-listed, Subsea 7, has seen its profits rise for the first quarter (Q1) which ended on March 31, 2015 on improved operating income and foreign currency gains.

The UK-based offshore engineering company, recorded net income of $151 million in the quarter, compared to $131 million in Q1 2014. Diluted earnings per share was $0.44 in the quarter compared to $0.41 in Q1 2014.

Joint Administrators of Specialist Subsea Services Limited (S3), Blair Nimmo and Geoff Jacobs of KPMG LLP, have sold the company’s assets and its intellectual property to James Fisher Offshore.

Following the bankruptcy of the parent company, S3 entered into administration in February, after which the company was forced to lay off 77 staff, leaving only five employees, to assist the joint administrators realise the Company’s assets and to help market the business and assets for sale.

Italian contractor Saipem has received notice of legal proceedings before the Court of Milan by 64 investors claiming compensation for damages of approximately EUR 174 million allegedly incurred following the purchase of Saipem shares in the period between 13 February 2012 and 14 June 2013.

“The Company has examined the claims received but is of the opinion that they are groundless. Saipem confirms its opinion, and will challenge the claim in court,” said the company in a statement.

The following footage shows an ROV inspection at a depth of 2,700 meters, offshore Gran Canaria, where Oleg Naydenov sank with nearly 1,500 tonnes of fuel.

A remotely operated vehicle (ROV) was deployed on Tuesday, April 22 to inspect the wreck located approximately 24 kilometres off the southern coast of Gran Canaria island.