Paradigm Oilfield Services Limited (POSL) is to pay a six-figure sum for the remaining trade an assets of the Aberdeen based Stable group, which includes a leasing business for oil industry equipment.
POSL, a subsidiary of the Dutch Paradigm Group, will recruit 25 staff for the acquisition, adding to the skeleton crew of 5 that have been in place since the firm’s administration in August.
The Stable group, comprising Stable Holdings, Stable Services, Stable Leasing and Holsco, employed 79 before going into administration.
Simon Cowie, a partner at accountancy firm Hall Morrice who initiated the deal, commented:
“The company had a healthy order book, but was unable to secure additional funding to enable it to deliver on its orders.
“It had experienced a period of outstanding growth from a turnover of £7million to more than £29million in less than three years and POSL was able to see the undoubted potential of this acquisition.”