Oil and gas logistics firm Asco said yesterday it had bought three Canadian oilfield service businesses.
It said it had acquired the Alberta-based companies to boost capacity in North America and increase its ability to serve operators working on the region’s oil sands.
A spokeswoman for Aberdeen-based Asco added that the company’s private-equity backer, Doughty Hanson, did not want to disclose the value of the deals but they were multimillion-pound acquisitions.
Last month, Asco said it had a £75million war chest for takeovers, and in addition to Canada it was looking to Asia-Pacific for potential targets.
After buying EJR Trucking, Manatokan Oilfield Logistics and Docktor Oilfield Transport, Asco now employs more than 260 people in Canada.
The company already has operations at Bonnyville, in Alberta, plus Halifax and St John’s in eastern Canada.
Asco chief operating officer Derek Smith said: “Supported by increased investment from private-equity firm Doughty Hanson, our board has ambitious plans for this business.
“We are currently realising these plans through organic growth and acquisitions.
“Our primary focus will always remain the oil and gas services market, but we want to reach new clients as well as provide more services to our current clients; particularly services which fit and complement our current portfolio.
“The acquisition of these oilfield service companies in Alberta supports this strategy.
“They have doubled the size of our operation in Canada, allowing us entry into new markets, and represent a significant step in our growth plans.”
Figures reported by Asco last month showed pre-tax losses of £10.8million last year, compared with profits of £5million during2010.
The firm put the deficit down to costs linked to being bought by Doughty Hanson late last year in a deal thought to be worth up to £250million.
Asco now employs more than 2,000 people worldwide, including about 800 in the north-east and Shetland.