Aberdeen-based oil and gas services business Screw Conveyor has been sold to a private equity firm in a £5million deal.
Energy Environmental Group (EEG) has offloaded the company to Azure Investments, which plans to expand the organisation’s presence in international markets. Screw Conveyor, which designs, manufactures and supplies engineering components used in the onshore and offshore drilling sector to handle hazardous drill cuttings, was bought by EEG in 2003. EEG said it wanted to sell the division to focus on its other companies, including oil-spill clean-up specialist Vikoma International and green technology firm Rotawave Biocoal.
EEG said all five Screw Conveyor employees would be kept on by Azure. EEG chairman Bob Rooney said: “We are pleased with the deal and are now totally focused on Rotawave and Vikoma, both of which are performing ahead of expectations.”
Azure Investments chairman John Stodart said Screw Conveyor was highly profitable and was well positioned to expand its presence in the Middle East, Far East and Russia. He said: “We have very ambitious growth targets for the business, which we are confident we can achieve given the existing strength of the order book and the pipeline of opportunities in overseas markets.”