Aberdeen firm Viking SeaTech is in US hands after a £150million deal saw it snapped up by Wisconsin-based Actuant.
Viking, owned previously by banking group HSBC, is an offshore support specialist employing 153 staff globally.
It has operations in Western Australia, Singapore, Indonesia, the Gulf of Mexico, Norway and Aberdeen, where it employs 75 people.
The workforce is predicted to grow as a result of the acquisition by Actuant, a diversified industrial business with operations in more than 30 countries.
Opportunities are expected to open up for Viking employees through the wider Actuant organisation.
Completion of the deal was announced by the US group yesterday following news of a proposed sale earlier this month.
A spokeswoman for Viking said its management team, led by chief executive Bill Bayliss would remain in post and it was definitely business as usual for the firm.
Mr Bayliss said: “Over the last couple of years we have worked hard to deliver our bold vision and improve the company structure, sustainability and efficiency.
“Innovative products and fresh services were launched with success, including our manpower offering, VS People, and a new global survey business. Significant work was secured with new customers and we stepped into flourishing geographical markets.
“Our relationships with existing customers grew stronger and our international team attracted the brightest and best talent.”
“We are determined not to stand still. Our new ownership will offer great opportunities for Viking SeaTech employees and clients as we seek to develop our suite of oil and gas services, particularly in the subsea arena.
“I am very excited by the opportunity the acquisition by Actuant brings and look forward to the future.”
Viking carries out engineering services including mooring analysis and modelling for rig locations and moves.
It diversified recently into broader asset-management work and has notched up revenue of about £60million during the past year.
Viking SeaTech: Company background
Viking SeaTech has its roots in a business launched in 1985 as a subdivision – Balmoral Marine – of Aberdeen-based Balmoral Group.
Balmoral Group sold it in 2006 – creating Viking Moorings – in a £22million deal led by Inflexion Private Equity, with several bosses also having a stake.
It was sold again, this time to HSBC Private Equity (UK), in 2009 in a deal believed to be worth more than £180million.
Another change of name came in a relaunch of the business in April last year.
The company, based previously at Altens, moved to new offices in Albyn Terrace, Aberdeen, around the same time.
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