A total of 98 workers at the Antrim-based construction firm, Mivan, have been made redundant after the company entered administration last week.
The job losses amount to around a third of the total workforce.
Following an assessment of the business and a number of contracts cancelled by customers, the redundancies were made at Mivan today.
The remaining employees will stay in post while Deloitte, the business advisory firm, explore a potential sale of the business.
Peter Allen of Deloitte, and administrator of Mivan, commented: “While we hope to achieve a potential sale of the business, we are reviewing trading on a daily basis and this includes the employment situation.
“Where customers can no longer continue with contracts, the jobs associated with these contracts have, unfortunately, been lost. We would like to thank the Company’s employees for their support and professionalism during this time.”
Peter Allen was appointed administrator of Mivan (No.1) Limited (“Mivan”) on January 10.
The Antrim-based international engineering company Mivan No.1 Limited employed 289 people upon appointment and is the main trading company created from a restructuring of the group in 2012.
Late last year, merger talks failed to reach agreement and the company announced last Friday it was going into administration.
South Antrim MLA David Ford and Alliance party colleague, Antrim Councillor Neil Kelly expressed their sadness at the news of the redunancies.
“This is a further devastating blow for employees of Mivan,” Mr Ford said.
He added: “My thoughts are with those who have lost their jobs today. Alliance will be monitoring the situation to ensure the correct level of support is on offer for them.”
Councillor Neil Kelly added: “As it stands the firm is still trading and I hope a potential investor can be found to stop further redundancies.
“Mivan is one of the major employers in the area and Alliance will be doing everything necessary to ensure as many jobs as possible can be saved.”
South Antrim MP William McCrea expressed his commitment to work with the administrators of Antrim company Mivan and the firm to secure the remaining employment in the firm.
“The announcement of around 100 redundancies is obviously a devastating blow for the workers involved and my thoughts are with all those families who face an uncertain future at this time,” Mr McCrea said.
He added: “The redundancies are to be deeply regretted, but I pledge my full effort to work with the administrator and the company to ensure that the remaining jobs can be secured. I would hope that the interest which has been shown in the firm will allow the administrators to sell the company as a going concern and that at some point in the future its fortunes could be restored and employed once again increased.
“This is a local company which has been a world-leader in its field and having had dicussions with the Enterprise Minister since the announcement of administrators being appointed that all efforts are being expended to assist this valued part of the local economy.”
The company was founded by Ivan McCabrey in 1975 and specialises in fitting out cruise ships and high-end commercial and residential developments.
In the early 1980s, the firm was involved in a wide range of projects in Iraq, including power stations, apartments and a palace for Saddam Hussein.
The company continued to win work in the Middle East, including the restoration of the prestigious Dome of the Rock in Jerusalum.
Mivan holds a Queen’s award for exports and has twice been named as UK Construction Firm of the Year.