A MARINE engineering company with a base in Wrabness has gone into administration.

EY has been appointed administrators for the Red 7 Marine Group, but jobs at the Wrabness office have been saved.

There are 20 employees based there.

Red7Marine is a provider of offshore oil and gas services, marine renewables, maritime inland sub-sea engineering and marine engineering services.

It also has offices in Ipswich, Great Yarmouth and Exeter and Aberdeen, and operates across both inland and offshore trading.

The administrators have saved 54 jobs, after selling the inland part of the business.

However, 47 jobs in the offshore part of the business were lost, as this ceased trading on the appointment of administrators.

Tom Jack, Joint Administrator of the Red 7 Marine Group, said: “In the period leading up to the administration, the group’s cash flows came under significant strain due to falling demand for the group’s services as a result of the collapse of the oil price, ongoing investment in the group’s fleet and a number of unexpected charges.

"Despite attempts to recapitalise the group, the directors were unable to do so and have been seeking alternative investment to support a turnaround of the business.

“This was not possible to achieve on a solvent basis and the group has, therefore, been placed into administration by the directors.”