BUE Marine sold

Leith-based company BUE Marine has been snapped up by Topaz Energy and Marine of Dubai in a deal worth some £86 million. BUE, which was formed in 1991 after a management buy-out from North Sea Assets, employs 622 people and operates 50 vessels supplying the North Sea and Caspian Sea oil and gas industries.

It has a further 19 vessels and barges under construction and more are planned at a total cost of over £30m. The enlarged group will be one of the world’s ten largest offshore marine support operators, working with clients such as BP, Shell and Agip in the Caspian Sea, the Middle East, south-east Asia and west Africa.