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Jobs saved after Aberdeen oil and gas services firm bought out of administration

© Getty Images/iStockphotoSilhouette oil rig

Several jobs have been saved at an Aberdeen oil and gas services firm after it was bought out of administration.

Accountancy firm Grant Thornton was appointed administrator of Bridge of Don-based Pressure Test Solutions (PTS) last week.

It’s now been confirmed a buyer for the firm has been found, with Safety & Technical Hydraulics (STH), which is part of Centurion Group, acquiring PTS for an undisclosed sum.

The move secures all eight jobs at the 12-year-old firm, while customer contracts and projects will also continue to be serviced as normal.

PTS is engaged in the rental, sale and calibration of specialist pressure testing equipment to the offshore energy industry.

Private-equity-backed Centurion, which has operations in the US, Canada, the UK, Europe, Caspian, South East Asia and Australia, has undergone a sizeable expansion in recent years.

In 2019, the Dyce-headquartered energy services group snapped up Kintore-based Osprey3, as well as Texan valve technology firm G5S Energy Services.

Centurion employs around 270 in its North Sea operation.

Stuart Preston, partner and head of restructuring in Scotland at Grant Thornton, said: “We are very pleased to have completed a going concern sale of PTS, which secures the continued employment of a vital skilled workforce for the oil and gas sector and the North East of Scotland in these difficult times. Centurion and STH are well placed to offer a platform from which the business can continue its development.”

Mark Hislop, managing director of STH, commented: “We are pleased to welcome PTS to the Group. We are delighted to add PTS’s reputation, expertise and equipment to our ever-expanding customer offering. This provides our customers with an even broader portfolio of services to support their critical operations.

We are confident that our experience in the market combined with the skilled workforce and strong reputation of PTS will enable us to further develop the company.”

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