Norwegian Endúr's Subsidiary Goes Bankrupt


writer icon Vera P. Jensen     Daniel Wiadro   |   Business     🕐 17. Feb. 2020

On Thursday evening, the board of the oil service company, Endúr Energy Solutions AS, decided that there is no longer any basis for further operations in the company.

"The board of directors of the company, together with its advisors and resources in the company, has over time worked on alternative structural and financial solutions which could provide a positive operation in the company, but without success," declares Energy Solutions AS in an online statement.

Energy Solutions AS explains in a press release that Hans Petter Eikeland, who is Chairman of the Board of Endúr Energy Solutions AS and CEO of the parent company Endur ASA, strongly regrets that the Board has found it necessary to announce tenders in the Stavanger-based company, with offices at Forus and a permanent staff of around 41 people.

A Second Bankruptcy
Endur Energy Solutions AS currently has two subsidiaries - Endur PMAE AS and Endur Industrier AS. Endur PMAE AS will also be called for bankruptcy in the near future, Endur Energy Solutions AS explains. This is due to the operations of Endur PMAE AS being directly related to personnel hire to the parent company.

This company currently has about 50 employees. When it comes to Endur Industrier AS, it will be up to the board of directors of Endur Energy Solutions AS to decide on the future of this company.

Looking to sell on the company to new owners, Eikeland said:

"Endúr Industrier AS based in Dusavika outside Stavanger has delivered solid operations throughout 2019. In our opinion, this subsidiary of Endur Energy Solutions AS has an attractive position which we believe can be further developed with new owners."

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