"Oceanteam was set up so that the parent company cannot be touched, and the UK arm has no assets to be recovered under the liquidation," one source says. "The parent company will write off the debt, and small support companies will be left with the bills." Speaking to Recharge in April, chief executive Haico Halbesma blamed Oceanteam's financial problems on the immaturity of the offshore wind industry, which he says holds far greater risks than many in the industry realise or admit.
Oceanteam withdraws from subsea-cable work
Cash-strapped Oceanteam is to stop laying the subsea cable for its offshore projects - one of its core business areas - after a string of loss-making ventures in the sector.
7 May 2009 22:00 GMT
Updated
25 November 2012 9:21 GMT
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