An international energy services group has made a multi-million-pound investment in an Aberdeen engineering company in a deal hoped to give it a foothold in the North Sea market.
Serba Dinamik Group Holdings Bhd (SDGB) plans to leverage its partnership with Wellahead Engineering as a cornerstone to build its operations and explore new markets in the region.
The deal will also provide Wellahead with investment for growth and access to SDGB’s existing client base.
Dow Schofield Watts Aberdeen advised on the transaction, which was completed during the lockdown period.
SDGB is a wholly owned subsidiary of Serba Dinamik Holdings Berhad, which is listed on the Malaysian stock exchange, and has operations in 26 countries worldwide including an engineering subsidiary in Falmouth and an office in London. The group employs more than 2,000 people and provides integrated engineering solutions to the energy, oil and gas, water, utilities and other industries.
The firm refused to say how large a stake they acquired in the business.
Wellahead was founded in 1998 by Mike Coutts and employs 15 staff. Mr Coutts will retain a stake in the firm and continues in his role as managing director to spearhead its expansion.
Mr Coutts said: “This partnership with SDGB will open up new and exciting growth opportunities.
“It will allow us to invest in our equipment, our premises and our people.”
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