SLP Engineering has been bought by a subsidiary of Singapore-based marine and offshore engineering group Sembcorp Marine.
SMOE, also based in Singapore, will pay £2.5million for the firm, which had been looking for a buyer since its Belgian parent company Smulders went into administration earlier this year.
As part of the deal, eight members of Lowestoft-based SLP’s management, led by managing director Paul Thomson, will take a 30% stake in the business, with SMOE holding the rest.
SLP will be renamed Sembmarine SLP and will be held through newly incorporated company, Sembmarine North Sea, said Sembcorp in a statement.
Ho Nee Sin, managing director of SMOE, said: “Following the acquisition, Sembcorp Marine will now have a footprint in the UK, providing synergistic support and reaching out to its North Sea clientele.
“Sembmarine SLP offers the opportunity for future growth in new business areas within the renewable energy sector as well as in the fabrication of minimum facilities platforms for marginal oil and gas fields in the North Sea and Asia Pacific waters.”
SLP recently completed the Katy jacket and topsides for ConocoPhillips in the southern North Sea.
Smulders had bought the assets and intellectual property off administrators in 2010.
The firm had been in administration for about 12 months after issues over an overseas contract.
However, Smulders itself fell into difficulty over offshore windfarm contracts.
Mr Thomson said: “We are delighted to be part of the Sembcorp Marine Group, a leading offshore engineering group with diverse capabilities in rig building, ship construction, ship conversion, ship repair and offshore engineering and construction.
“With SMOE’s extensive experience in building major offshore structures, it will greatly enhance our objective of becoming the leading UK supplier of EPC services to the offshore energy market.”
SMOE carries out engineering and construction of offshore production platforms and floating production facilities for the oil and gas industry.
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