ENGINEERING group Texo has bought a subsea specialist in support of its plans to develop a £100 million business.
Aberdeen-based Texo said it had acquired the Orca Subsea business developed by diving industry veteran Mike Masson and sons Greig and Callum, without disclosing details.
The acquisition will allow Texo to add services such as underwater welding and remote operated vehicle support to its offering, which includes fabrication and inspection services.
Following the official launch of Texo last month, the company said it had won backing from a successful entrepreneur for an ambitious growth push in markets ranging from oil and gas to nuclear energy.
The company said then it expected to generate annual revenues in excess of £100m and to create up to 1,000 new jobs in the UK .
Texo plans to develop an integrated offering covering engineering, procurement and construction services.
Managing director Robert Dalziel said of the Orca deal:”This acquisition is another example of our buy and build strategy in helping us achieve this”.
The strategy may allow Texo to capitalise on moves by oil and gas firms to reduce the number of suppliers they use, amid efforts to cut costs and increase efficiency in response to the crude price fall since 2014.
Texo previously acquired a fabrication business in Northumberland.
The group said it would make significant capital investment to support growth at Orca, which will become Texo Marine. The Massons will remain with the business.
Founded in 2015, Orca has worked on projects in areas ranging from the Americas to Australasia.
Mr Dalziel used to run the Rigmar oil services operation.
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