Wed, 03 May 2017 | ADMINISTRATION
A Scottish oil and gas services firm has been bought out of administration in a move that has safeguarded the business and saved 18 jobs.
Arbroath-based Mountwest Petroleum Engineering Ltd (MPEL) was placed into administration last week after suffering from a downturn in the North Sea.
But the company, which supplied licensed connection repairs and manufacturing services oil and gas firms, was immediately sold on by administrators Johnston Carmichael to new venture Mountwest Petroleum Ltd (MPL) in a pre-pack deal.
Both the business and assets of MPEL have been sold to MPL, which will now be managed by Independent Oil Tools Group, a division of Petrolia SE, a Cyprus-headquartered oil and gas company.
MPL will continue to trade from MPEL’s former premises on Arbroath's Kirkton Industrial Estate.
Richard Bathgate, restructuring director at Johnston Carmichael, said: “Like many companies MPEL has suffered over recent years from the downturn in the oil industry and had accumulated significant liabilities.
“However, 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 on the local economy.”
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