NBGI acquires Cosalt Offshore

With the acquisition, the Cosalt business will be stabilised following a difficult few years, safeguard jobs and provide funding to capitalise on international growth opportunities.

Together, ATR and Cosalt will employ around 400 people and will generate a turnover of £55m. The companies hope to grow the businesses to over £100m turnover organically and by acquisition.

Keith Moorhouse, chief executive, ATR, said: “This deal will be welcomed by Cosalt’s staff, customers and suppliers as an end to a period of uncertainty. The deal will also bolster ATR’s growth by opening up the Norwegian sector and improving its operational capacity through access to Cosalt’s skilled engineers, technicians and inspectors and its substantial equipment hire fleet.”

The acquitision comes after Cosalt PLC revealed last week that it was likely to go into administration by the end of the month due to outstanding debts.

Meanwhile, Cosalt PLC’s shares in Cosalt Workwear could also be reportedly sold to a third party by administrators.