Global sells shareholding in Labtech & OIL Middle East

The Global Energy Group today (26th October) confirms it has sold its share in Labtech Services Ltd and OIL Engineering Middle East LLC to UAE based Specialist Services.  Having purchased both companies as part of a 7 company swoop from the administrators of Sovereign Oilfield, the companies were deemed non-strategic to the future growth of the Group.  

Global Director Iain MacGregor commented, “Labtech is a strong brand in Aberdeen and we enjoyed working with the management in strengthening its position and reengaging with clients following Sovereigns demise.  After 18 months of hard work, we are pleased to see the business has a strong foundation and has returned to good profitability.  We considered the companies relevance to our wider Group, and realised that Labtech could develop faster by linking to a company with more aligned products and track record in this field.  We take pride in delivering considerable value to our core customer base, and will continue to invest in solutions that meet those needs today and in the future.”  
 
Included in the sale is the trade and facilities of Oil Engineering Middle East in Abu Dhabi.  As one of three Global companies in the UAE, and performing similar activities to Labtech in the UK, the business was an obvious second part to the Labtech deal.  The sale allows Global to consolidate its activities in the UAE; with a focus on resource management, site services and rig repair/refurbishment in the region.