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.
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.”