North-east oilwell construction technology business Caledus has changed hands in a deal worth a seven-figure sum.
The Portlethen-based firm has become one of the Dubai-based Tercel group of companies in a move which helps to create a global diversified oilfield product company.
Other Tercel businesses include Omni Oil Technologies, of Dubai; Diamant Drilling Services, of Belgium, and Encore Drill Bits, of Houston.
Derek McLeod, a founding partner of Caledus, is to continue to lead the north-east firm’s engineering, research and development and manufacturing operations.
In addition, he has become Tercel’s managing director for Europe, Africa and CIS (the former Soviet Union).
Caledus employs 60 people in the north-east and this number is expected to rise.
Ian Pollock, Tercel’s general manager for Europe, Africa and CIS, said: “This is a very exciting time for all of us in Tercel. The company now has over 300 employees spread throughout all the major oil and gas arenas, and we are actively recruiting additional resources worldwide. The transference of the technologies around the group has given each of our sister companies access to world-class, desirable products.”
Mr Pollock said the Caledus product line would continue to be managed from Portlethen, while many of its products were manufactured in the north east.
Caledus provides a patented range of well-construction products in Europe, Asia-Pacific, Africa and North America markets.
The price of Brent crude rose yesterday on intensified fighting in Libya, but the US oil price fell, widening the North Sea benchmark’s premium, after data showed supplies in America had risen by more than had been expected last week.
April delivery Brent crude gained $2.88 to $115.94 a barrel, but US light crude settled down 64 cents at $104.38.