Oil sector manufacturer taken over by US group

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LOCAL manufacturing company Mechserv Limited has announced the sale of its Arbroath and Dubai operations to Axon Energy Products AS (Axon), under its subsidiary Axon Well Intervention Products Holdings AS (AWIP).

AWIP, headquartered in Houston, Texas, designs and manufactures multi-purpose well intervention equipment for use in the oil and gas industry; and services a global customer base that includes oil and gas drilling, production, well servicing and work-over companies.

A company spokesman said that the move will provide additional security and growth for local workers in uncertain market conditions.

Axon chief executive officer Gary Stratulate stated: “Mechserv is an excellent addition to our existing well intervention operations in Texas and Norway. Mechserv’s high quality operations will expand our service and support to customers operating in Europe and the Middle East by providing the ability to manufacture, refurbish and service our products in Scotland and the Middle East.

“Mechserv’s ATEX, CE, and NORSOK accredited manufacturing facility will provide new build and/or recertification of pressure pumping, nitrogen, coil tubing, cementing, batch mixer and well test equipment for use around the world.”

The Mechserv management team will remain with the company and are integral to the continued growth of AWIP.

Mike Craig was appointed managing director of Axon Well Intervention Products – Europe and the Middle East. He commented: “This acquisition represents an exciting future for all at Mechserv.

“The financial stability and leadership of the Axon board will result in additional security and growth in uncertain market conditions and the increased products available within the Axon group provide excellent synergies for our own skilled workforce to develop the whole product range here in Angus and in the Middle East, leading to job creation in each region.

“We are looking forward to new opportunities and high growth strategy across the globe.”

Axon is partnered with HitecVision, a leading private equity investor specializing in growth stage investments in the European and North American oil and gas sectors.

HitecVision’s investor base comprises leading Nordic, European and North American pension funds, fund of funds, endowments, foundations, family offices, insurance companies and other financial institutions. HitecVision is headquartered in Stavanger, Norway, and has offices in Oslo and Houston.