Arbroath oil industry supplier folds with loss of 36 jobs
- Published
An Arbroath firm supplying equipment to oil and gas companies has gone into administration with the loss of 36 jobs.
Axon Well Interventions Products UK Ltd was based at its 20,000 sq ft in Kirkton Industrial Estate.
Most of the company's revenue came from the design and manufacture of new equipment.
Administrators said challenges in the oil and gas sector had been an "insurmountable problem" for the firm.
The company is part of the Axon Energy Products Group and other parts of the business will not be affected by the administration.
Joint administrator Gordon MacLure said: "Unfortunately Axon is the latest in a string of failures in recent months, thanks to the continuing low oil price environment.
"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."