UK owner Bibby Line Group's offshore survey company has been placed into administration.
Bibby HydroMap, which owned and operated four specialist hydrographic ships, appointed KPMG's Andrew Stone and Rick Harrison to oversee its sale.
About 100 of the 108 staff have been made redundant.
A small workforce is being maintained to support the administrators and complete certain parts of a commercial contract.
HydroMap had failed to find a new investor or buyer during a period of "sustained cash flow pressure", KPMG said.
Stone was cited by ReNews as saying: "The company had come under sustained cash flow pressure for some time, culminating in it embarking on an accelerated sales process to identify potential buyers or investment partners.
No viable offers
"While a number of expressions of interest were received from both financial investors and trade parties, unfortunately this interest did not materialise into any viable offers."
The company's problems were not related to the coronavirus pandemic.
"Despite exploring the government schemes that have been put in place, these schemes were not suitable to fix the issues at hand, resulting in the directors taking the difficult decision to place the company into administration," Stone said.
"We will be working with the employees over the coming days ahead to ensure they have all necessary support at this difficult time."
HydroMap operated within the UK and Northern Europe.
The Bibby group has been in shipowning since 1807, when John Bibby began in the business alongside his partner John Highfield.
But it now owns no deep-water vessels.
Its Bibby Offshore operation was sold to bondholder York Capital's Fara Holdco in 2018 and combined with two other York companies, Norway's Rever and Cecon Contracting.
Bibby exited the dry cargo market with the sale of its last supramax bulker in 2018. The 56,800-dwt Shropshire (built 2009) was sold to Louis Dreyfus of France.
Clarksons lists the company with only a derrick/lay vessel and two accommodation ships now, following the collapse of HydroMap. It lists one of the HydroMap units as laid up, with another idle.
