Wooden, which has headquarters in Aberdeen, is reported to be getting ready to announce swingeing job cuts alongside its annual outcomes subsequent week.
Enermech stated it has accomplished a recapitalisation which is able to enable it to safe a “substantial debt discount”, with out giving particulars.
It’s understood that personal fairness large Caryle has bought its controlling stake in Enermech. London-based Polus Capital Administration has acquired a majority curiosity in Enermech. JP Morgan and Intermediate Capital have additionally purchased into the enterprise.
READ MORE: North Sea large generates $1bn money after Aberdeen job cuts
The brand new homeowners are thought to have launched an effectivity drive after Enermech confronted strain on margins amid the restoration from the pandemic.
The recapitalisation paved the way in which to a administration shake up at Enermech, which is parting firm with chief govt Christian Brown. He has led the enterprise for 4 years.
Mr Brown shall be succeeded by oil companies veteran Charles Davison.
On its web site Enermech says: “We’re happy to announce that we’ve got a brand new board of administrators coming quickly because of our current recapitalisation.
“This alteration represents an essential milestone in our firm’s journey, and we’re assured that it’ll convey recent views and strategic steering to drive our future development and success.”
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Reuters stated Wooden was getting ready to chop 200 jobs to assist increase effectivity citing a report on Sky Information.
Wooden held talks a couple of potential takeover with Apollo World Administration final yr. Apollo elevated the worth on provide 3 times, to £2.2 billion together with debt, however ultimately walked away.
In response to a question concerning the reported plans for jobs cuts, a spokesperson for Wooden stated the corporate wouldn’t touch upon hypothesis forward of publication of its annual outcomes on Tuesday.
The corporate employs round 6,500 folks within the UK. The majority are primarily based in Aberdeen or work offshore within the North Sea.
Wooden and Enermech turned main lights of Scotland’s oil companies trade after utilizing experience acquired within the North Sea to win enterprise around the globe.
Oil companies companies are positioning themselves to answer the worldwide drive to develop decrease carbon power sources to cut back emissions.
Carlyle purchased Enermech in a £450m deal in 2018. Enermech employed 4,116 folks globally in January.
