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Sovereign Oilfield

Sovereign Oilfield Group of Aberdeen is to sell its Vertec Engineering subsidiary and its Labtech rental cabin assets to Offshore Containers for £5.5m, with the transfer of 70 staff.

Sovereign Oilfield has acquired Labtech Services and Vertec Engineering, two Aberdeen-based offshore engineering companies, for a total £7.9m, increasing its workforce by 200.

Sovereign Oilfield has acquired RDT Precision Engineering, the East Kilbride-based supplier of well heads to the oil industry, for £2.4m.

Sovereign Oilfield has acquired Forfab, the Dunfermline-based manufacturer of large metal containers, for £4.8m.

Sovereign Oilfield has acquired Maxwell Downhole Technology for up to £3.2m, in order to gain access to technology that tracks the direction in which drills are moving.

Sovereign Oilfield has acquired OIL Corporation, the Aberdeen-based oil services company with about 100 staff, for up to £4.8m.

Sovereign Oilfield has acquired Serco SA, the French oilfield services company, for £1m.