AROUND 90 jobs have been saved after a cleaning and waste management business that got caught up in the fallout from the crude price plunge was bought out of administration.

Read more: Oil price forecast slashed amid trade war fears

The business and assets of Aberdeenshire-based MS Industrial Services (MSIS) were acquired from the administrators to the firm on Thursday by the industrial cleaning arm of Denholm Oilfield Services.

The administrators are partners in Johnston Carmichael. The accountancy firm said Aberdeenshire-based MS Industrial Services Limited had failed to secure additional funding to overcome challenging trading conditions and cash flow pressures from overseas expansion following the recent oil and gas downturn. Some 88 jobs were saved as a result of the deal.

Read more: Oil services giant facing challenges after fall in UK sales

Johnston Carmichael said it had achieved a “pre-packaged deal”, which was completed immediately after the appointment of partners in the firm as administrators to MS Industrial Services Limited.

Joint administrator Richard Bathgate said the sale would provide the best outcome for the company’s creditors, customers and skilled workforce.

Denholm Oilfield Services chief executive Michael Beveridge said the business and assets of MSIS would bring complimentary skills and geographies to its cleaning business.