Global Energy Group purchase Sovereign subsidiaries
The Global Energy Group moved swiftly to extend their portfolio of services within the oil and gas industry with the acquisition of six companies from the Administrators for the Sovereign Oilfield Group plc, who were placed into administration just over a week ago.
The move secures the future of six well known companies within the oil and gas sector being: Caledonian Petroleum Services Ltd (CPS Ltd), OIL Engineering Ltd, Labtech Services Ltd, Forfab Ltd, Cooltime Engineering Services Ltd, Sovereign Dimensional Survey Ltd.
Global Chairman Roy MacGregor indicated his delight at being able to move swiftly and thanked the Administrator, Sovereign and senior management for the various companies in their openness and honesty in assisting with securing the purchase in saying, “all six companies add and compliment our existing portfolio of services and it was clear to us these are well established brands, with skilled people working in markets that have potential to develop and grow. Understanding the precarious position the companies were in to continue trading, we needed extensive information to allow us to complete a thorough audit and I would like to thank all concerned for their hard work and professionalism in pulling all the information together to allow this happen.
It has been difficult times for these companies over an extended period of time and I would like to ensure their clients of our commitment to invest and support these businesses in continuing to serve their markets to the highest quality standards.”
It must be remembered these acquisitions were concluded in just over a week and so our concentration of effort and priorities, thus far, has been to secure the deal to protect the various company’s trading positions. We now need to take a closer look at each company, their facilities and their people, to establish a clear way forward.”
This is a positive move for the Global Energy Group as they further establish their position in the oil and gas services marketplace. These additional companies will also provide the GE Group with added services to allow them provide an all encompassing service to their increasing number of key clients at home and abroad.