Leading salvage company Ardent Global Marine Services, which was formed just five years ago, has said it will not take on any further salvage work.

In a brief statement, Netherlands-based Ardent put an end to speculation over its future by saying that it will do no more business beyond its current contractual obligations.

Ardent said: “All current preparedness and salvage contracts will be fulfilled but outside of existing relations no more new salvage cases will be handled.