Offshore construction and engineering specialist AquaTerra Group has snapped up fellow north-east firm Subsea Engineering & Technical Services (Sets) out of administration, saving five jobs.
A further three workers have either gone on to secure new employment or “left the company of their own accord”, a spokeswoman for AquaTerra said yesterday.
Sets, which was owned by Chris and Sharon Tierney, of Balmedie, provided project management and engineering services to the oil and gas industry.
Administrators were appointed after the Aberdeen-based business suffered “considerable trading and cash flow problems”.
Ian Fraser, of FRP Advisory, added: “We are delighted to have secured a sale of the business.”
The acquisition value was undisclosed. The five remaining Sets employees are now working from AquaTerra’s premises in Kintore, Aberdeenshire
AquaTerra, which is currently involved in the removal and repair of more than 40 conductors and caissons in the North Sea, said the newly aqcuired business took its headcount to more than 120, and gave it additional equipment and capabilities.
Peter Robinson, managing director, AquaTerra, said: “The acquisition of Sets represents a major step forward for our business and significantly enhances our offshore construction division. Plans are already in place for further investment over the next two years to develop additional tooling innovations.”
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