Petroleum Pipe Company Limited (03022675): administration
- Status
- Administration ended
- Administration began
- 2018-08-29
- Administrators
- Gavin Yuill, Kristopher Stewart Aspin
- Administrators' firm
- EY
- Incorporated
- 1995-02-16
- Location
- Leeds
- Industry
- 46719 Wholesale of other fuels and related products
Why it went into administration
- Loss of a key customer, supplier or contract
- Sustained trading losses
- Credit insurance / supplier credit withdrawn
- Competition / price pressure
From the administrators' statement
The PPG Group was formed in 1976 and its principal activity is a stockist and distributor of casing and tubing to the international oil and gas and geothermal industries. It acquires casing and tubing from steel mitls (primarily in China) which it then supplies to ofl and gas companies (typically exploration and production businesses).
The PPG Group trades worldwide, but predominantly in the Middle East.
The PPG Group’s key customer is Occidental based in Oman to whom it supplies pipe under a contractual arrangement which expires on 31 December 2019. This customer accounts for c. 55% of the annual revenue of the PPG Group. Trading with Occidental is mainly conducted by PPC Cayman.
Administrators' statement of proposals (2018-11-06) · Companies House register