Small Aberdeen oil service company i-Quip Technology is now under new ownership.
It has been sold in a deal expected to lead to 15 jobs in the Granite City.
I-Quip, founded by Keith Woodford in 2008, has been acquired for an undisclosed sum by Aberdeen business TCO In-Well Technologies UK and its Norwegian parent, TCO.
TCO group provides well-completion technologies to the global oil and gas industry, while i-Quip is involved in chemical-injection technology.
The i-Quip operation has a team of four, while TCO UK employs eight people.
The two Aberdeen units will merge into one and there are plans to add a further 15 members to the combined team next year.
Yesterday’s deal is expected to add £2million to TCO group turnover next year and an extra £9million annually by 2015.
TCO UK was set up in 2009.
Its parent has 55 staff in Bergen and Stavanger plus bases in Russia and Angola. TCO group’s annual turnover of £15million is expected to double next year.
Rune Moan, managing director of TCO UK, said: “We are delighted to be announcing the acquisition of i-Quip.
“The joining of the two teams will provide a market-leading range of products and services in the innovative well-completion sector. It is a natural step for us to significantly increase our capability – adding the chemical-injection offering to our portfolio will provide our global customers with a package of qualified products and applications support that is not currently available within the sector.
“We anticipate substantial growth in the well-completion market both in the UK, Norway and in key global regions including Gulf of Mexico, west Africa, Australia, Asia and South America.”
Mr Woodford added: “I am delighted that my team and I will be joining TCO.”
TCO delivers products and services to oil and gas operators across the globe including Total, Statoil, BP, ConocoPhillips, ExxonMobil, Shell, Apache, Chevron, Marathon, Dong, GDF Suez, Talisman, Perenco and Petrobras.
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