Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
PARTNERS from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK.
Gordon MacLure and Ewen Alexander were appointed as joint administrators to the manufacturer,which has suffered from the low oil price environment.
Axon Well, which manufactured and supplied equipment to oil and gas companies, employed 36 people at its facility, all of whom will be made redundant. The business is part of the Axon Energy Products Group but no other parts of the business will be affected by the administration.
The majority of the company’s revenue came from orders for the design and manufacture of new equipment, with additional revenue coming from refurbishment and servicing requirements.
Joint administrator Gordon MacLure said the ongoing challenges in the oil and gas sector had been an insurmountable problem for the business.
MacLure said: “Axon has had a strong business but has been unable to overcome the difficulties caused by a sustained downturn in customer capital expenditure requirements, which ultimately dictated its flow of orders. We’re now seeking buyers for the remaining assets of the business, including equipment and property.”