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Cosalt under new ownership
Posted 18.02.2013 10:59:34 av John Bradbury
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North Sea service provider Cosalt Offshore is being bought out by a private equity firm

Aberdeen-based NBGI was due to finalise a deal today to take over the Aberdeen and Norway operations of Cosalt Offshore, which a spokesman says has been through tough times recently.

“The deal....will stabilise the Cosalt business which has been through a difficult period in recent years, safeguard jobs and provide funding to capitalise on international growth opportunities,” a spokesman for the company said.

NBGI's move will combined both the Aberdeen and Norway operations of Cosalt, which specialises in offshore lifting, inspection, testing and safety services, with ATR Group, which provides a global equipment rental service to the offshore maintenance sector. ATR was the subject of a £20 million  management buyout financed by NGBI in March last year.

“This deal will be welcomed by Cosalt’s staff, customers and suppliers as an end to a period of uncertainty.” declared Keith Moorhouse, chief executive of ATR. “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,” he said, continuing: “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.”

Moorhouse says the deal will open up the Norwegian market to ATR and improve its operational capacity through access to Cosalt’s engineers, technicians and inspectors and with its global rental equipment fleet will “... deliver a broad, integrated service offering to the oil and gas industry.”

Last July ATR, which is also based in Aberdeen, acquired Underwater Engineering Services, to grow its subsea capabilities, which was the company's first acquisition after a management buyout at ATR financed by NBGI Private Equity.
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