German offshore transport specialist Wiking Helikopter Service has entered administration on the back of rising fuel costs, loss-making contracts and the lingering effects of the coronavirus pandemic.
Sande-based Wiking was placed into administration on 15 June, with Dr Christian Kaufmann of Bremen insolvency practitioner Pluta Rechtsanwalts provisionally appointed to handle the company’s affairs by a Wilhelmshaven court, German insolvency service documents show.
Pluta blames the financial problems on the effects of Covid-19 on the business, alongside “unprofitable long-term contracts, as well as significantly higher energy and fuel costs, an unfavorable financing structure and considerable pension costs.”
Flight operations will continue while options for restructuring are analysed, Pluta adds.
Founded in 1975, Wiking operates in the North Sea region – including a UK subsidiary, Wiking Helicopters Ltd – specialising in the offshore transport of maintenance personnel to windfarms and pilots to ships.
Wiking flies a fleet of five Airbus Helicopters H145 light-twins and five Leonardo Helicopters AW139 intermediate-twins, Cirium fleets data shows; it has two more AW139s on order.
Operations were carried out from four bases: Emden, Husum and Sande in Germany, plus Wick in Northern Scotland.