Subsea technology firm Beam has made all staff redundant after falling into administration.
While there has been no official comment from the company, it is understood that 200 people have lost their jobs across Westhill, Edinburgh and Bristol.
The news comes just 48-hours after the collapse of another North Sea services firm, Enteq Technoligies, which called in administrators on Tuesday.
Beam was formed in September last year through the merger of two existing companies: Rovco, which was founded in 2016, and Vaarst, founded in 2021.
It is understood that company filed to appoint administrators on yesterday. Its head of talent, James Reynolds, wrote on LinkedIn that all employees had been made redundant.
Helen Batt, VP of marketing at the company, added: “The company that over 200 incredibly talented people gave their all to delivering technology to drive the energy transition is no more.”
Prior to the merger, Vaarst raised a $20m Series B round from In-Q-Tel, Legal & General, Equinor Ventures and Foresight Group. Rovco had raised an undisclosed amount from angel investors, including William Tunstall-Pedoe, the creator of Amazon Alexa.
Technology website Sifted reports that the company was looking to raise more than £100million in new funds in late 2024.
When Beam announced the merger of the two companies in September, the company said it planned to hire 200 new employees across the next year: 150 in the UK and 50 people across the US and Asia.
Other firms operating in the offshore energy sector have offered their support to Beam employees.
Rovtech chief executive John Polson said the company is extending applications for several Aberdeen-based roles to to give former Beam staff a chance to apply.
“Whilst Rovtech are not able to support everyone, we are keen at least to provide a fair opportunity to talented individuals in finding their next challenge,” Polson said.