The administrators have concluded the sale of the business of Sabre Safety Limited (“Sabre”) and its principal assets to Sabre Safety Services Limited, a newly formed entity owned by Starn Energy Services Group.
Following the appointment of the Joint Administrators on 31 January 2017, KPMG received strong interest in the opportunity to acquire the oil and gas safety services operations of Sabre. An early closing date was set for offers which resulted in preferred bidder status being afforded to Starn Energy Services Group on Friday 3 February. All 15 employees retained by the Administrators (14 in Cupar and one in Aberdeen) have been transferred as part of the transaction.
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Starn Energy Services Group is a private equity-backed oilfield services business with a UK base and international presence. Its aim is to build a group of businesses focused on safety and delivering economic benefit to its customers.
Blair Nimmo, Joint Administrator and Head of Restructuring for KPMG in the UK, said:
“We are pleased to announce completion of the sale to Starn Energy Services Group which will preserve employment, allow continuity of customer service and provide an excellent opportunity for the purchaser to develop the UK and international services offered by Sabre.
“Notwithstanding difficult times for the oil and gas sector, the outcome achieved here demonstrates that appetite for investment in businesses in this sector continues to exist, under the right circumstances.”
“We wish the purchaser every success in taking the business forward.”