Taxpayers will likely end up footing the bill to remove the Oceanlinx wave energy generator that has sat idle off the coast of Port Kembla for six years.
The so-called Mark 1 generator was installed in 2006, but decommissioned in 2009.
Since then it has remained in the waters off the coal loader, gradually falling apart while the company representatives made regular promises to remove it. In April this year Oceanlinx went into receivership.
The company owes secured creditors $7 million and investors a further $3 million.
Investment company KordaMentha have been appointed as receivers for the company.
The Port Kembla barge is not the only stranded Oceanlinx generator. A second has been stuck in the water off Carrickalinga Beach, South Australia, since March this year.
The South Australian Department of Planning, Transport and Infrastructure has set up a "prohibition zone" around the generator with a maximum fine of $1250 for anyone entering it.
A spokesman for KordaMentha said Oceanlinx "has insufficient resources to move either unit".
"The receivers are working with the South Australian and NSW governments to ensure that the units [do] not pose a threat to the public," the spokesman said.
"The receivers are also working with the insurers [over] the unit in South Australia.
"It is likely the NSW government will be responsible for moving the unit at Port Kembla and claim as a creditor against the company."
The spokesman also said no creditors had been paid as yet.
"The appointment of the receivers and administrators effectively froze creditor claims pending the outcome of both appointments," he said.
"The administrators - Deloitte - are currently preparing a report to creditors which will provide the estimated return to creditors."
The job of removal will likely be handled by Roads and Maritime Services, who began pursuing legal action against Oceanlinx in 2013 but put them on hold in favour of working with the company.
A spokesman for RMS said a plan of action was being developed.
"Roads and Maritime is considering a number of options to remove the barge off the coast of Port Kembla," the spokesman said.