Energy service business Ramco Oil Services said yesterday it wanted to add to its workforce after changing hands in a £30million deal.
The owner of the north-east firm, which provides tubular-related services to the North Sea oil and gas industry, has sold a majority stake in the business to private-equity investor LDC.
In addition to adding to Ramco’s 230-strong workforce, LDC – part of Lloyds Banking Group – said that it wanted to grow the company’s presence internationally.
At the moment, Ramco operates in locations such as China, Japan and Romania.
The new owner also hopes to sign further deals in the North Sea this year.
LDC bought the majority stake from Edinburgh-based Teasses Capital – whose chairman is Sir Fraser Morrison – which helped to fund a £14.1million management buyout led by managing director Stewart Cumming and commercial director Malcolm Edward in 2005.
Portlethen-based Ramco was previously part of Aberdeen-based Ramco Energy, which later became SeaEnergy.
Mr Cumming, who will remain at the company with the other members of the management team, said: “I am tremendously proud that, with the financial backing and support of Sir Fraser Morrison and his family, we have built up a successful business with such an enviable reputation.
“The opportunities are there to take our skills farther afield and LDC recognises and supports that ambition.”
Mark Kerr, head of LDC’s Aberdeen office, led the transaction and will now take a place on Ramco’s board.
Mr Kerr said: “LDC is very optimistic about the outlook for the oil service industry in the North Sea and the opportunity this creates for companies like Ramco, with strong areas of sector expertise built up over many years of operation.
“We are delighted to support Stewart and his management team and invest in the long-term growth of Ramco.
“We hope that this will be the first of several oil service investments that LDC will make during the course of this year and believe it demonstrates LDC’s commitment to both Aberdeen and Scotland, and appetite to invest in the oil service sector.”