PIPE & TUBULAR
Catterick Oil and Gas Pipeline Specialist Falls into Administration with Loss of 83 Jobs
Administrators have been appointed to Pipeline Engineering & Supply Co. Limited after no buyer was found for the company
A North Yorkshire supplier of pipeline maintenance services to the global oil and gas sector has fallen into administration with the loss of 83 jobs.
Administrators from Kroll were appointed to Catterick-based Pipeline Engineering & Supply Co. Limited after its parent company Circor International Ltd failed to find a buyer for the business, which it says had seen “accounting irregularities”.
Circor announced it wanted to exit the Pipeline Engineering & Supply Co business in March after finding the irregularities - which it said appeared to account for balance sheet and income statement
38
www.sosmagazine.biz May 2022
entries in the range of £26.7m ($35m) to £34.3m ($45m) of pre-tax income on a cumulative basis over a period of at least five years.
A review of the irregularities had been carried out by an outside law firm and a forensic accounting firm with oversight from the New York Stock Exchange-listed firm’s audit committee. The administration does not impact the remainder of Circor's operations in the UK.
Pipeline Engineering – described as a “world leader in the design, manufacture and testing of pipeline pigging and flow assurance products” – had been trading for more than 50 years and had operations in Aberdeen and Dubai.
Jimmy Saunders, Joint Administrator at Kroll, said: “The business was loss making as its cost base and infrastructure were not aligned to revenues.”
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52
