NBGI Private Equity has completed its acquisition of the Aberdeen and Norway operations of Cosalt Offshore in a move which saves 200 jobs.
The deal was reported in the Press and Journal on Saturday but completed only yesterday.
NBGI Private Equity, which already owns Aberdeen-based ATR Group, has bought the business for an undisclosed sum.
Together, ATR and Cosalt will employ almost 400 people and have an annual turnover of £55million.
It is hoped the combined businesses will grow turnover to more than £100million, organically and through acquisitions.
ATR chief executive Keith Moorhouse, who will lead the enlarged group, said: “This deal will be welcomed by Cosalt’s staff, customers and suppliers as an end to a period of uncertainty.
“Cosalt has an excellent technical and operational reputation and is an integral part of the supply chain of many of the energy sector’s leading oil service companies and operators.
“Cosalt and ATR will be pooling their significant resources and technical expertise to deliver a broad, integrated service offering to the oil and gas industry.
“The deal will bolster ATR’s growth by opening up the Norwegian sector and improving its operational capacity through access to Cosalt’s skilled engineers, technicians and inspectors and its substantial equipment hire fleet.”
Grimsby-based engineering group Cosalt has been in talks over the sale of its offshore arm since the start of the year.
Currently £17million in debt and at the centre of a fraud investigation, the parent group is widely expected to go into administration.