Accountant PricewaterhouseCoopers (PwC) has sold one of two companies that were still trading in the drilling arm of collapsed Aberdeen company Sovereign Oilfield Group, it emerged yesterday.
A spokeswoman for PwC confirmed the administrators had completed the sale of Serco SA, which is based in Pau, France.
All 23 staff at Serco are transferring to the new owner, whose identity was not disclosed because of a confidentiality agreement, and the value of the transaction was also kept under wraps.
Serco, which was founded in 1999, specialises in downhole tools for fishing and drilling operations in the global energy industry.
PwC’s spokeswoman said Sovereign’s administrators were involved in discussions with third parties looking to buy Abu Dhabi-based drilling subsidiary Oil ME.
In March, Inverness and Aberdeen-based international energy service company Global Energy Group expanded its service portfolio through the acquisition of Sovereign subsidiaries Caledonian Petroleum Services, Cooltime Engineering Services, Forfab, Labtech Services, OIL Engineering and Sovereign Dimensional Survey.
Global’s move saved about 400 jobs at Sovereign, which had been in the news frequently because of funding problems until administrators were finally called in on February 24.
Sovereign was formed in October 2003 by Graham Burgess and Peter Felter.
The company revealed last December that it made pre-tax losses of £3.3million during the six months to September 30, 2009, against a pre-tax deficit of £1.8million a year earlier.
In January, the group’s shares plunged by 50% on the day it told investors it was not sure if its future trading performance would be able to support its debts.
Earlier that same day, the company received enforcement orders from creditors.
PwC’s Bruce Cartwright and Graham Frost were appointed joint administrators at the request of the Sovereign board.