Norwegian company Endur has struck a deal with the bankruptcy estate to buy back Endur Industrier, a part of the recently bankrupted Endur Energy Solutions.
As previously reported, Endur Energy Solutions, a provider of maintenance, modification, construction, installation, fabrication, and conversion of oil and gas installations both onshore and offshore sectors, declared bankruptcy last month.
However, its parent company Endur on Thursday announced a buyback of a profitable part of it - Endur Industrier - ensuring the continued operation of Endur Industries and its 30 or so employees.
Endur Industrier provides various prefab and maintenance services towards both the onshore and offshore markets.
Commenting on Thursday, Hans Petter Eikeland CEO of Endúr, previously known as Bergen Group, said: "Endúr Industrier AS delivered strong and profitable operations in 2019, with quarterly revenue of MNOK 15 on average.
Related: Endur Energy Solutions Goes Bankrupt
"In our opinion, this subsidiary of bankrupted Endúr Energy Solutions AS has an attractive position that we now have the opportunity to further develop in the Group," Eikeland said.
"Endúr Industries AS operates in both oil and gas, industry and renewable markets. Going forward, the company will focus on combining prefabrication with detail engineering, access engineering, and additional services in complete solutions for both offshore and onshore installations," Endur said.
Endur further stressed that Endur Industries is located on attractive premises centrally placed in Dusavik by Stavanger, the area containing one of the largest oil bases in the North Sea and an important industrial hub both for on- and offshore deliveries.
Eikeland added: "We have experienced a very constructive dialogue with Endúr Industry's existing customers through this process. We believe that they have a genuine desire that this manufacturing and expertise environment in Dusavik is to be maintained in order to carry out both existing and new projects. We are now looking forward to building this profitable company further together with the newly appointed Managing Director Rune Sele, whom we are confident of will contribute with attractive expertise and an extensive network of contacts."