Norway-based EFG Scandinavia has filed for insolvency at the Hordaland District Court, Bergen. Established in 2017, the company has been providing tailored heavy lift solutions mainly in the Nordic countries.
Part of EMS-Fehn-Group, the company said: “Considering the company’s financial challenges in an increasingly demanding market environment, the preeminent aim is to curtail any potential negative effects on everyone involved.”
It added: “We deeply regret having to discontinue EFG Scandinavia’s activities. Of course, we will now closely collaborate with all relevant parties and do our utmost to minimise the impact on our business partners and employees.”
EFG Scandinavia has been supporting various industries, with a strong focus on the renewable energy sector. In recent years, the company contributed to a number of major wind energy projects in the north of Europe, deploying cranes to assist in the installation of hundreds of wind turbines. However, with the entire wind industry finding itself under significant financial pressure, EFG Scandinavia has not been able to perform at profitable margins.
Bjørn Åge Hamre of Simonsen Vogt Wiig has been appointed as insolvency administrator and will guide EFG Scandinavia through the process.
