A Teesside engineering group has announced the acquisition of a Scottish firm in the oil and gas market.
Stockton’s px Group, which provides a range of services to the energy sector, has taken a majority stake in NRG Well Management.
The Aberdeen firm provides engineering and project management services to the oil and gas industry, and px Group said the deal would bolster the services it can offer to new and existing clients, as well as continuing its recent growth.
Geoff Holmes, CEO at the px Group, said: “NRG Well Management brings industry-leading expertise to px Group, extending our capability to the full upstream asset lifecycle. On a personal note, I am delighted to build an even stronger working relationship with the Mackay family.
“NRG is not only sizeable and reputable, but the company has significant potential for growth with its wide range of operator clients across the North Sea.
“It is known worldwide for quality and consistency in delivery, which is something we at px Group pride ourselves on.”
px Group operates and maintains some of the UK’s largest energy and chemicals plants, with a team of more than 400 specialists working for clients in the heat and power, gas, industrial parks, waste processing, biofuels and fuel storage sectors.
It has made a number of acquisitions in recent years, including a deal to take a majority stake in Aberdeen firm Camm-Pro, which also operates in the oil and gas industry, at the end of 2019.
The Stockton firm’s growth has seen it ranked on the Sunday Times Top Track 250 – which lists the UK’s fastest growing mid-market firms by turnover – the past two years.
NRG Well Management, which was part of the wider NRG Group, is a specialist in well management for the global oil and gas market, including abandonment services.
Daniel Mackay, managing director of NRG Well Management, said: “We are delighted to be joining the px Group, adding to px’s expertise across the asset lifecycle and are very much looking forward to the growth opportunities this brings.”
