Global Energy Group (GEG) has boosted its operations in the Cromarty Firth with the acquisition of Port Services Group.
The long-awaited deal, which is thought to have been completed in October, gives the rapidly growing energy services and fabrication giant a controlling stake in Port Services, which has a significant operation on the service base at Invergordon and employs around 60 people.
The firms declined to comment on the terms of the deal. A spokesman for GEG said its reticence to disclose the deal was due to ongoing “contractual obligations between both parties”.
Last year, GEG agreed the multimillion-pound acquisition of iFAB from Port Services. The value of the deal was not disclosed, but the Invergordon-based fabrication facility, which had been opened by First Minister Alex Salmond in 2011, had an annual turnover of more than £10million. The company said all 40 employees would be transferred across to Aberdeen and Inverness-based GEG.
When Global acquired iFAB, the firm’s chief executive, Iain MacGregor, said it was attracted to the business because of the quality of its premises and its workforce.
Fast-growing GEG pledged to continue making further acquisitions in December when it revealed that its sales had grown 43% to £358million to the year end March 2013. Its earnings before interest, tax and depreciation also rose significant to £34.5million, compared to £16.9million in 2011-12.
In December, GEG announced it had snapped up Australian firm, Cunningham Construction. Again, the terms of the deal were undisclosed but it said sales at the firm had exceeded £7.2million in 2012.
At the time Mr MacGregor said he hoped to get at least one more acquisition done before April.
He added: “Acquisition growth in the latter part of the year will be focused in the operations and maintenance space, particularly in international markets.
“Enhancing our existing propositions in the USA (Gulf of Mexico) and Norway are expected to take priority in 2013-14 – as well as further growth in Australia.”
Port Services was established in 1986 and has operations in Invergordon and Bridge of Don, Aberdeen.
In 2012, Port Services, privately owned by the Clark family, sold a remaining 50% stake in Caithness-based Scrabster Port Services (SPS) to its joint venture partner, oil and gas logistics company Asco.