Harkand goes into administration with loss of 170 jobs

Oaktree-backed subsea player Harkand's European business has gone into administration with the loss of more than 170 jobs.

Accountant Deloitte has been called in as administrator following the two-ship company's collapse in the offshore slump.

Its Oslo-listed bond, which has an outstanding amount of $220m with maturity in March 2019, went into default in March.

The administration involves 10 companies within the Harkand Group.

Deloitte