Burntisland Fabricators, known as BiFab, is headquartered in the Fife port town and operates two further yards in Methil and in Stornoway.
It builds large-scale equipment for the offshore oil and gas industry but has increasingly moved into the renewables sector in recent years.
The BBC has reported the firm, which employs 600 staff across its three yards, has had cash flow problems, and has filed court papers with an intention to go into administration.
It is understood that discussions have been held with the Scottish Government’s economic development agency.
In 2010, Scottish & Southern Energy (SSE) took a 15 per cent stake in BiFab as part of a £17 million investment in the renewables sector.
In June 2016, the firm won a major contract to supply 26 WTG jacket substructures for the Beatrice Offshore Windfarm Development in the Moray Firth.
The BiFab proposal for delivering the project was based on utilising a percentage of capacity at all three BiFab facilities at Arnish and Burntisland, with final assembly and loadout from Methil.
Labour MSP Claire Baker, speaking in response to the contract award, said she hoped it would be “the catalyst that helps grow not just BiFab but the whole local economy.”
BiFab was formed in 2001 following a management buy-out.