-0.8 C
Alba Iulia
Tuesday, February 18, 2020

18 jobs saved in sale of Mountwest Petroleum Engineering

Subscribe to our newsletter

We will never spam , sell or share your details

Staff at an Arbroath-based oil and gas services firm have been saved from redundancy after Mountwest Petroleum Engineering Ltd (MPEL) was bought out of administration last week.

MPEL was placed in administration on Friday, April 28, 2017 after suffering the effects of the prolonged downturn in the North Sea, and Gordon MacLure and Ewen Alexander of Johnston Carmichael LLP were appointed as its Joint Administrators.

The business and assets of MPEL were then sold by the Joint Administrators to Mountwest Petroleum Ltd (MPE) on the same day, retaining 18 members of staff.

The company traded from premises at Sir William Smith Road, Kirkton Industrial Estate, Arbroath and provided licensed connection repairs and manufacturing services to the oil and gas industry including VAM and API threading services. It will continue to trade from the same address following the deal.

MPE will now be operated by Independent Oil Tools Group, a subsidiary of Petrolia SE.

Richard Bathgate, Restructuring Director at Johnston Carmichael LLP, 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.”

Advertisement
Aberdeen
scattered clouds
3.6 ° C
4.4 °
2.8 °
69 %
5.1kmh
49 %
Tue
7 °
Wed
7 °
Thu
9 °
Fri
9 °
Sat
7 °

Follow Us

Our Other Titles

Scotland’s leading tourism body seeking artist for...

SCOTLAND’S national tourism organisation is calling for local North-east artists to submit designs for its Light the North lighthouse sculpture. VisitScotland has become a sponsor...

Texo Group Welcomes New Head of Business...

TEXO Group is delighted to announce the appointment of a new Head of Business Development. Deborah Bruce takes on the new role to lead the...

CALA submits plans for new cults development

CALA Homes (North) has submitted a planning application to Aberdeen City Council for a new residential development in Cults. The site, located north of Kirk...

Aberdeen-based, IKM Group, awarded new operator contract

IKM PRODUCTION Technology UK LTD, a newly-formed division of the IKM Group, has been awarded a 12-month contract to support CNOOC Petroleum Europe Limited...

More Articles Like This