Hunting laid off about 20 employees in the north-east during the first half of 2020 as the Covid-19 pandemic and oil price drop caused demand to falter.
Energy service firm Hunting said today that it was launching a share buyback programme for the first time in its history.
Enpro’s acquisition by Hunting will help “supercharge” the Aberdeenshire firm’s growth, its former backers said.
Energy services group Hunting has snapped up an Aberdeenshire subsea oil and gas production technology company for £25.6 million.
A private equity investor in oil and gas technology firms has said there is a lot of “fear and uncertainty” in the mergers and acquisitions market.
A £1.5 million investment is paying off for Enpro Subsea as onshore testing gets under way on its production enhancing technology.
“We’ve just had a record year and its come straight after the oil recession when we were fortunate enough to stay in profit, although it was very tight,” Ian Donald said.
Aberdeen-based Enpro Subsea has hailed the last 18 months as its “busiest ever”.
North-east subsea firm Enpro Subsea announced a sizable private equity cash injection to grow the company into larger international markets.
The Press and Journal celebrated the resilience of the North Sea oil and gas industry last night at their annual Gold Awards ceremony.