BiFab Safe Until April

Authorities

Seaway Heavy Lifting (SHL), SSE and the partners to the Beatrice offshore wind project, JCE Offshore, have provided a financial package that will make sure BiFab completes its Beatrice contract, while the Scottish Government continues working with the company and the involved trade unions to find a way to keep the manufacturing sites busy after the Beatrice work is done.

The Scottish Government has also indicated that it will, if necessary, make available a commercial loan facility to BiFab.

The rescue package will ensure BiFab receives payments to alleviate immediate cash flow issues and will remove the threat of administration while the company fulfils the obligations under the Beatrice contract.

Jan Willem van der Graaf, CEO at Seaway Heavy Lifting said: “We have worked very hard along with the other stakeholders to find constructive solutions to support BiFab. We appreciate the role that the Scottish Government has played in reaching a positive solution for all.”

Scotland’s First Minister Nicola Sturgeon said: “All companies including BiFab have had to take difficult decisions to secure this outcome. While this deal lifts the immediate threat of administration, we recognise that there is a lot of work still to do to secure the long term position. Ministers will continue to work with BiFab, the trade unions and industry partners to identify ways to secure the long term future of renewables manufacturing on these sites.”


BiFab is working on two jacket foundation contracts for the Beatrice offshore wind project after being awarded a GBP 100 million deal by Seaway Heavy Lifting in June 2016, under which it agreed to manufacture 26 jacket substructures for the 84-turbine wind farm. The contract is being delivered in two campaigns, with the second campaign scheduled to be carried out in April 2018.