MacKellar Sub-Sea Ltd goes into administration
A leading specialist sub-sea oil and gas engineering business in the Highlands has gone into administration.
MacKellar Sub-Sea Ltd, which is based in Grantown-on-Spey, employs 97 full and part-time staff.
The administrators said they believed the business was "viable" and would continue to trade the company while looking for a buyer.
They said losses on a number of contracts had led to financial pressures.
Joint administrator Tom MacLennan, of FRP Advisory, 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."
There have not been any immediate redundancies at the company.
It has niche expertise in areas such as sub-sea wellhead protection systems, tree frames, guide bases and offshore transportation systems.
Turnover has grown rapidly in the past three years and could exceed £8m for the latest financial year.
Lib Dem MP Danny Alexander said: "I am shocked by this news about MacKellar Sub-Sea but can assure the workforce and community that I will do all that I can to help.
"I will work with the Highland Council, Scottish government and the owners to seek a buyer for the business in order to retain the jobs and expertise in the Highlands."