Aberdeen oil firm Glacier Energy in first acquisition
Oil and gas firm Glacier Energy Services has bought a Newcastle-based machining company as it seeks to meet rising demand for specialist engineering solutions.
The purchase of Site Machining Services is Glacier's first since it was formed last year through the acquisition of two divisions of MB Aerospace.
Aberdeen-based Glacier said the deal involved a seven-figure sum.
Site Machining Services specialises in pipe-cutting in the oil and gas sector.
Glacier, which focuses on subsea systems, wellhead equipment and pipeline components, was founded by the acquisition of Roberts pipeline machining technologies and WellClad specialist welding services in 2011.
Its first acquisition means Glacier will have a turnover approaching £10m, with 60 staff working across the UK and international markets from its operational bases in Aberdeen, Glasgow and Newcastle.
Chief executive Dave Sturrock said: "This is a key business area which we believe will help us achieve further growth, and we intend on investing in additional technicians and equipment to facilitate an increased workload."