Global Energy Group has sold its stakes in Labtech Services and OIL Engineering Middle East (OEME) to a company in the United Arab Emirates.
Aberdeen and Inverness-based Global said the deal, for an undisclosed sum, allowed it to consolidate in the emirates and focus activities in the Middle East on resource management, site services and rig repairs and refurbishments.
Aberdeen-based Labtech and OEME, of Abu Dhabi, were among firms Global acquired from the administrators of Sovereign Oilfield Group in March last year.
Global director Iain MacGregor said: “Labtech is a strong brand in Aberdeen and we enjoyed working with the management in stren-gthening its position and re-engaging with clients following Sovereign’s demise.
“After 18 months of hard work, we are pleased to see the business has a strong foundation and returned to good profitability.
“We considered the companies’ relevance to our wider group and realised that Labtech could develop faster by linking to a company with more aligned products and track record in this field.”
Global’s disposals mean Labtech, which employs more than 60 people in the UK, and OEME will form part of Dubai-based Specialist Services’ global network.
A spokeswoman at Specialist, which employs more than 1,000 people globally in the supply of modular buildings and packaging for the oil and gas industry, said Labtech would continue to operate under its own name. She added: “We value Labtech as a brand, with a heritage and reputation of its own in the oil and gas sector.”
Ian Rogers, chief executive of Specialist Services, said the acquisitions were a further strategic step to help the group to provide engineering skills and manufacturing resources in key global oil and gas centres around the world.
Global was founded in 2005 as a service and contracting business serving markets worldwide.
In just six years it has grown into a business with 3,500 employees at 25 subsidiaries and annual turnover of more than £200million.
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