SAFETY & Technical Hydraulics (STH), part of Centurion Group, has bought oil and gas service firm Pressure Test Solutions (PTS) out of administration. The acquisition 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 energy industry. They operate in four specialist areas: Pressure Test Equipment & Instrumentation Rental; Hazardous Area Equipment & ATEX communication Rental; Flushing Units and Hose Reelers; Supply of Hydraulic & Pneumatic products & Hammer Unions.
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Centurion is a global leader in the supply of rental, infrastructure, and support services to critical industries. It combines the scale and the breadth of offerings via its four global geomarkets: US Land; Canada Rentals & Services, Canada Infrastructure, and Rest of World, with a strong local presence in key energy markets including the US, Canada, UK & Europe, Caspian, South East Asia, and Australia, to deliver value to customers around the world.
Stuart Preston and Julie Tait of leading business adviser Grant Thornton have been appointed as joint administrators of PTS.
Following their appointment, the joint administrators have 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.
Stuart Preston, 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. Centurion and STH are well placed to offer a platform from which the business can continue its development.”
Mark Hislop, Managing Director of STH, commented: “We are pleased to welcome PTS to the Group. We are delighted to add PTS’s reputation, expertise, and equipment to our ever-expanding customer offering. This provides our customers with an even broader portfolio of services to support their critical operations.
“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.”
This deal follows on from the separate sale of another oil and gas services business, The Cylinder Service Centre, which Grant Thornton completed out of administration two weeks ago, securing a further 30 jobs in the sector.
