Jobs saved at Arbroath oil and gas services firm

The pre-pack deal has saved 18 jobs at Mountwest. Picture: Hamish Campbell
The pre-pack deal has saved 18 jobs at Mountwest. Picture: Hamish Campbell
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Staff at an Arbroath-based oil and gas services firm have been saved from redundancy after it was bought out of administration in a pre-pack deal.

Mountwest Petroleum Engineering had been placed in administration last week after suffering the effects of the prolonged downturn in the North Sea.

• READ MORE: North Sea oil and gas sector ‘a net drain on UK finances’

The business and assets were immediately sold to a new company, Mountwest Petroleum, retaining 18 members of staff, with one director leaving. Mountwest Petroleum will now be operated by Independent Oil Tools Group, a subsidiary of Petrolia SE.

The business will continue to trade from premises on Kirkton Industrial Estate in Arbroath.

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Richard Bathgate, restructuring director at Johnston Carmichael, said: “Being able to move rapidly with the sale of the business was a critical element in preventing 18 people being made redundant from their jobs, and avoiding the knock-on effects of that.”

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