From the administrators' statement

Whilst operating profits had been slowly improving, the Company faced two key financial challenges as follows

It has initiated two significant pension deficits in respect of accumulated liabilities to the UK and US defined benefit schemes which related to the former Salvage Association pensionable employees

Together, these liabilities amounted to over £7 5m and whilst a tentative agreement had been reached with the UK scheme Trustees to repay the deficit at £100,000 per annum, this was contingent on a Group guarantee The US deficit could only be addressed if the UK position could be resolved and trading materially improved

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BMT Marine & Offshore Surveys Limited (04147467)

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