PwC welcomes deal as Burntisland Fabrications jobs saved

PwC has overseen a deal to prevent Burntisland Fabrications Limited, which employs 1,400 people at yards in Fife and Lewis, from going into administration.

The news comes following talks held in Edinburgh between Scottish ministers and Dutch-based Seaway Heavy Lifting following a dispute with BiFab.

The agreement will see BiFab receiving payments to alleviate the firm’s “immediate cash flow issues”.

BiFab warned last weekend that it was in danger of going into administration.

The deal means that work will continue on its current contract for the Beatrice Offshore Windfarm.

A financial package has been provided by Seaway Heavy Lifting, SSE and windfarm partners JCE Offshore, ministers said.

A restructuring team from PwC was involved to support the company during the challenging period and to help drive a solution with all stakeholders to prevent BiFab entering administration.

Mark Addley, head of PwC Scotland’s restructuring team, said: “BiFab is one of Scotland’s leading fabrication businesses, with an enviable track record in successfully delivering substantial contracts and is positioned to play an important role in the country’s future energy strategy. Many people knew what was at stake here and rose to the occasion. My thanks to everyone who was involved and I am proud of the role played by my PwC team.”

Martin Adams, Burntisland Fabrications Limited MD, said: “My thanks to Mark Addley and his PwC team for their commitment and solution-orientated approach to help us find a positive outcome from a very difficult situation.”