MORE than 200 jobs are to be saved after a private firm agreed to purchase an offshore company which was on the brink of collapse.
NBGI Private Equity is buying Cosalt Offshore, which has offshore operations in Aberdeen and Norway.
Grimsby-based Cosalt faced insolvency as a result Cosalt of a large debt and pension burden.
The majority of its 250 staff are based in Aberdeen and Montrose.
NBGI Private Equity, which already owns ATR Group in the same sector, is buying for an undisclosed sum.
The deal has still to be completed.
ATR Keith Moorhouse said: “This deal will be welcomed by Cosalt’s staff, customers and suppliers as an end to a period of uncertainty.”
The buyout will see ATR and Cosalt merge, with the enlarged company having more than 400 staff.
Mr Moorhouse added: “Cosalt has an excellent technical and operational reputation and is an integral part of the supply chain of many of the energy sector’s leading oil service companies and operators.
“Cosalt and ATR will be pooling their significant resources and technical expertise to deliver a broad, integrated service offering to the oil and gas industry.”
Cosalt provides offshore and marine safety equipment.