THE Aberdeen-based Rotech group of companies has sold its subsea business to Norwegian firm Reef Subsea in order to focus on engineering and fabrication work.
The deal – for an undisclosed sum – involves the transfer to Reef of 82 employees, including 66 in Scotland, leaving behind around 60 at Rotech Holdings.
Rotech group managing director Ken Stewart said: “Rotech Holdings will continue operating as an engineering and fabrication business in Aberdeen.
“The deal with Reef Subsea allows us to return to the main roots of the company to focus on research and development projects. Our expertise in engineering will ensure that the Rotech group will continue to thrive as we develop new and innovative tools for the oil and gas industry to meet our customers various requirements.”
Reef, which already had a presence in Aberdeen through its Scanmudring and Specialist Subsea Services businesses, said its acquisition created a world leader in seabed dredging and mass flow excavation services.
It added the move would also speed up and strengthen its presence in key subsea markets, thanks to the Rotech Subsea’s operations in Houston, Singapore and Perth.
Tim Sheehan, the Rotech group’s chief executive, becomes Reef Subsea chief operating officer as a result of the deal.