OIL and gas service company NexusAB has changed hands for the second time in about 18 months.
The firm was snapped up by Aberdeen businessman Mark Cavanagh for an undisclosed sum.
Mr Cavanagh is managing director of Granite City-based XPD8 Solutions, an oil and gas engineering consultancy founded in 2003.
He also owns north-east oil and gas recruitment company OIE Services as well as two Aberdeen restaurants, the Fusion Bar + Bistro and No.1 Bar and Grill.
NexusAB, based at Carden Place, delivers supply chain assurance, regulatory compliance and technical integrity services to the oil and gas industry.
Its consultants specialise in the support of technically complex, high-pressure/high-temperature and new technology-based well programmes.
With 10 employees and annual turnover of £1million, the company is targeting sales of £3million in the next three to five years.
Completion of a software development and maintenance project for BP and the award of a contract to deliver assurance engineering services to Carigali Hess in Malaysia have paved the way for achieving previous ambitious growth targets.
Managing director Francis Kiernan said: “There is high demand in the global oil and gas industry for better IT systems that will support engineering services.
“NexusAB has been refining its software products to meet that demand.
“We are now concentrating on demonstrating the value of our risk mitigation software, which is externally hosted and acts as a single transactional hub for the specification of well services.”
In April 2010, Aberdeen businessmen John “Tiny” Langler and Graham Birnie announced they had acquired most of the business in the UK and overseas of Nexus Assurance. Mr Langler and Mr Birnie previously owned Walker Technical Resources, which they built up into a successful international operation specialising in composite pipe repairs for the oil and gas industry. The business was sold in 2009 via a multimillion-pound management buy-in.