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