Administration was recently expanded to Oyster Marine Limited and Oyster Marine Holdings, which means that the brand name and trademark, technical designs and drawings, build manuals, hull mouldings, machinery and subsidiary shares are all for sale.
The company is suggested to have suffered from the sinking of the Oyster yacht Polina Star III, owned by Mr Ezhkov, in 2015. Oyster's former chief executive David Tydeman said at the time, "This has been a long and distressing story for all parties. I flew to Moscow after the incident as soon as I could obtain a visa and in a personal capacity, apologised sincerely to Mr Ezhkov for the incident and the distress that I was sure that he had suffered.
"I was personally pleased to see that Mr Ezhkov was paid out by his insurers and, in my capacity as CEO of Oyster, we were waiting for those insurers to present their subrogated claim against Oyster. The fact that this was not presented was outside Oyster's control, but at no point did Oyster seek to avoid its liability or legal responsibilities. I again express my apology in a personal capacity to Mr Ezhkov for all that he has experienced. I am unable to comment on Oyster’s behalf since the company is now in administration."
Recent projects that had been planned for the yard included the launch of its new flagship series, the Oyster 118, with the first hull due for delivery in 2018 and the second one in 2020. It had also announced a carbon fibre project, Project Alpha, designed for a long-term Oyster owner.
Rob Humphreys, founder of the long-term yard collaborator Humphreys Yacht Design said, "We were deeply saddened and perplexed by the news. Having designed over 20 models for Oyster over more than 20 years, we have built up enduring relationships with owners, crews and, particularly, Oyster team members.
"We are not part of Oyster and are not caught up directly in this tragedy, but our thoughts are with everyone who might feel they have been hit by a train that none of us saw coming. That said, it’s a hugely strong brand and it’s hard to believe that it won’t restore something like normal service soon."