Fire-stricken Shipbuilder Enters Voluntary Administration
Brisbane-based shipbuilders Aluminium Boats Australia Pty Ltd has been placed into voluntary administration after a shipyard fire in August has set the company toward financial instability.
The fire, which occurred at the company’s Hemmant dockyard 11 weeks ago, started on board a Royal Australian Navy patrol boat undergoing maintenance at the yard, and subsequently destroyed the vessel. Though an investigation into the cause of the fire is continuing, and an insurance claim has been lodged, the builder said the incident has made voluntary administration necessary.
Aluminium Boats Australia Director Roy Whitewood said the voluntary administration process would help the company, which manufactures and maintains commercial, luxury and defense vessels for clients across the world, address its current financial challenges: “It is my strong hope and desire to return the business to financial health, and I will be working closely with the administrators to try and achieve this.”
John Park and Kelly Trenfield from global business advisory firm FTI Consulting Group have been appointed administrators for the company.