Australian Super Yacht Maintenance Firm goes Under

Australian superyacht maintenance and refit company Kraken Marine is the latest victim of the global financial crisis to sweep Australia.

The Cairns Post is reporting that Kraken Marine is now in the hands of administrators who announced the wind-up of the business a creditors.

Director Robert Van Der Moigg said a decline in the global super yacht market left them no choice but to call in administrators, adding, “Basically there was a lack of work. We had no new business since November last year,” he continued, “We were supposed to have four large vessels under our commission this year and all four cancelled, and at this stage there is no prospect of saving the business.”

The company’s liabilities are reported to be in the order of $595,000 but with assets of about $541,000 left over. Mr Van Der Moigg said Both here in Cairns and abroad, superyachts are sitting idle, a marked contrast to a year ago.”This time last year we were absolutely booming but by September it was suspiciously quiet,” he said.

In 2007, Kraken was responsible for organising maintenance for the super yacht Athena, a vessel belonging to Netscape founder Jim Clark.