ABERDEEN - based oil services heavyweight Craig Group has sold its North Star Shipping emergency response business to a fund managed by the Basalt Infrastructure Partners private equity firm for an undisclosed sum.
Douglas Craig, chairman of Craig Group, said the sale presented an opportunity to secure the long-term future of North Star Shipping, its staff and crew, through greater potential for further investment and growth.
He added: “Given our rich maritime heritage, it’s not a decision we have taken lightly, but it is one which makes sense for the Craig family and for the next era of North Star.”
Simmons & Co investment bank, which advised Craig Group, said the deal provided a vote of confidence in the long term potential of the North Sea on the part of Basalt.
Activity levels have dropped in the North Sea amid the sharp fall in crude prices since 2014.
Craig Group has retained its oilfield procurement business and the Kings Links golf retail outlet and driving range.
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