Subocean, one of the leading subsea cable installers for the European marine renewables sector, has filed a petition at the Court of Sessions in Edinburgh in a bid to avoid administration.
The Aberdeen-based firm has reportedly been in negotiations for several months with parties interested in buying a stake or acquiring it outright, but it has come up empty handed.
Subocean was formed in 2005 as an offshore oil and gas contractor, but offshore wind has steadily become its bread-and-butter business, and now accounts for more than three-quarters of its revenues.
