A specialist sub-sea oil and gas engineering and fabrication business has gone into administration as a result of financial pressures.
Administrators are seeking a buyer for MacKellar Sub-Sea Limited and its related companies MacKellar Tritech Ltd and Tritech Nairn Ltd, which they believe is a "viable business".
The company employs 97 full and part-time staff, 86 of whom are employed at the main Grantown-On-Spey facility in the Highlands.
Danny Alexander is constituency MP for the area.
Joint administrators Tom MacLennan and Iain Fraser of FRP Advisory will continue to trade the businesses whilst seeking a buyer for the company and assets.
Mr MacLennan said: "Losses on a number of contracts and consequent financial pressures have resulted in administration being the only option for the business.
"That said, we believe there is a viable business underlying these recent contract-related losses and we will continue to trade the company whilst actively seeking a buyer."
The company has developed niche expertise in a range of areas, including sub-sea wellhead protection systems, offshore transportation systems and hydro-electric turbines.
Turnover has grown rapidly in the last three years and is likely to exceed £8 million for the latest financial year.
The main company occupies a five-acre purpose-built fabrication and assembly facility in Grantown-on-Spey which incorporates a fabrication shop, machining shop, assembly shop, offices, stores, large stockyard and assembly area.
Tritech Nairn Limited, a grit-blasting and painting facility, operates from a satellite facility on the former RAF base in Kinloss and undertakes work for the main business. It employs 11 people.
MacKellar Tritech Ltd is dormant with no employees.
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