Safety & Technical Hydraulics (STH), which s part of Centurion Group, has acquired oil and gas service firm Pressure Test Solutions (PTS) after it fell into administration. The deal will preserve all of the highly-skilled jobs at the 12-year-old business.
PTS is engaged in the rental, sale and calibration of specialist pressure testing equipment to the offshore industry. It operates in four key niche areas – pressure test equipment and instrumentation rental; hazardous area equipment and Atex communication rental; flushing units and hose reelers; and the supply of hydraulic and pneumatic products and hammer unions.
Stuart Preston and Julie Tait of business adviser Grant Thornton were appointed as joint administrators of PTS last week.
Following their appointment, the administrators have now completed the sale of the business as a going concern, ensuring all eight jobs will be retained and customer contracts and projects will continue to be serviced as normal.
Preston, a partner and head of restructuring in Scotland at Grant Thornton, said: “We are very pleased to have completed a going concern sale of PTS, which secures the continued employment of a vital skilled workforce for the oil and gas sector and the North-east of Scotland in these difficult times.”
Mark Hislop, managing director of STH, added: “We are pleased to welcome PTS to the group. We are confident that our experience in the market combined with the skilled workforce and strong reputation of PTS will enable us to further develop the company.”