AN ABERDEEN-based subsea technology firm has been sold in a deal worth $33 million (£25.5 million).
Enpro Subsea, which provides production technology to offshore operators in the oil and gas industry, has been snapped up by Hunting, the London-listed international energy services group.
Hunting has acquired 100 per cent of Enpro’s issued share capital, as well as its subsidiaries in Norway, the US and Ghana. It is acquiring Enpro from the Scottish firm’s management team and Energy Ventures Private Equity, which invested in the business in January 2018.
READ MORE: Bosses of Aberdeen subsea firm in line for bumper pay-out after business sold
Enpro, which employs 40 staff, will continue to trade in Westhill, Aberdeen, led by the current management team, further to the deal.
Ian Donald, chief executive of Enpro, said: “This is an exciting and positive transaction which represents a new chapter in the successful evolution of the company.
"With Hunting, we see significant opportunity to globalise our business and to enhance delivery of our production enhancing subsea technologies and services to our valued customers.”
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