Multi-million pound deal for Downhole

ABERDEEN oil equipment firm Downhole Products has been bought up in a deal believed to be worth tens of millions of pounds.

The company, which designs, manufactures and markets products used in the construction and completion of wells, has been snapped up by Varel International Services.

Downhole, which employs around 40 people in Aberdeen, also has subsidiaries in Houston and Venezuela and a joint venture company in Singapore.

The company was founded 14 years ago by Bill Barron, Alastair Clark and Ian Kirk, who are all to remain with the business under its new owners.

Kirk said: "This is a great opportunity for us to take the Downhole business to the next level. We’re well aware of the qualities Varel and its investor Arcapita will bring to the table and are looking forward to working with our new colleagues.

"We have always been firmly of the belief that our products are worldclass and we now have a platform that will greatly enhance our ability to get those products to new customers and markets around the world. It’s a very exciting period in the life of our business."

Original source : BBC News Scotland