Gordon Brothers Successful Auction Sale of Assets of Bibby Hydromap Ltd

Press Release

Date July 27, 2020

Gordon Brothers, the global advisory, restructuring and investment firm, announced today that it has successfully sold the assets of Bibby HydroMap Ltd. through BidSpotter.com, an online auction website for industrial goods.

Formerly known as Osiris Projects, Bibby HydroMap was established in 1997. The company provided hydrographic, geophysical, unexploded-ordnance (UXO), remotely-operated-vehicle (ROV) and asset inspection surveys.

Joint administrators from KPMG instructed Gordon Brothers to market and secure buyers for marine survey equipment, warehouse fixtures and fittings, as well as office furniture and equipment after the Wirral-based company fell into Administration in April.

The Gordon Brothers auction sale, comprising more than 500 lots, attracted global interest from over 400 potential purchasers from 18 countries, including Australia, Singapore, Russia, Canada and the U.S.

“While we hoped that the auction would receive high levels of interest, we are delighted that Gordon Brothers was able to reach such a large number of potential buyers, helping to make the sale a success and realising significant value for creditors of the administration,” said Andrew Stone, Director at KPMG and joint administrator of Bibby HydroMap Ltd.

“Gordon Brothers is pleased to have managed the successful auction and helped to fulfil the joint administrators’ goals of selling a wide range of equipment and unlocking value in the company’s assets,” said Mark Lord, Director at Gordon Brothers.

“We have also been instrumental in the successful sale of three of the four vessels in the Bibby Hydromap fleet. The final vessel currently for sale is the Bibby Athena, which is a 27.5m DP1 semi-swath fully equipped coastal survey vessel built in 2014 and comes complete with the d’ROP remotely operated survey platform.” He added.

For more information, please contact Mark Lord at [email protected].