Denmark-based A2SEA says that its subsidiary CT Offshore will not take on any further projects and will sell off all its vessels and equipment.

The parent company said it wishes to focus on its core business of installing foundations and turbines offshore.

CT Offshore's self-propelled semi-jack-up crane vessel Sea Power and its self-elevating platform vessel Sea Jack will be laid up before being sold.

Likewise, its crew transfer vessels "will no longer be part of A2SEA's product portfolio", according to the company.

"As a result, a considerable number of employees in both A2SEA and CT Offshore are expected to be made redundant. Hearings between management and employee representatives will take place during the rest of the day and affected employees will be informed this week," A2SEA said in a statement.

Hans Schneider, COO of A2SEA, has also decided to leave the company, which will include leaving his position on the company's executive committee.