The acquisition combines Aberdeenshire-headquartered STATS with Mitsui’s Iron & Steel Business Unit, with the closing of the transaction expected in the summer subject to the satisfaction of regulatory competition approvals.

Leigh Howarth, CEO of STATS, said: “The acquisition of STATS is complementary to Mitsui’s plan to establish a strong, sustainable presence in the pipeline maintenance market as a service provider.

“Having worked with the Mitsui team for several months now, we’re delighted to be formally joining forces to pursue opportunities in both the traditional oil and gas pipeline markets and the emerging low carbon markets.”

STATS will continue to deliver its services, products and solutions to customers from its existing operational bases across the globe.

Mr Howarth continued: “Supported by Mitsui’s broad energy relationships and investments, we see significant growth potential for STATS from this transaction, and resultantly excellent career development opportunities for all our staff.”

For Mitsui, this transaction presents an attractive opportunity to achieve market acceleration in relation to sustainable infrastructure maintenance.

Koichi Fujita, Mitsui’s COO, said: “Under its Medium-term Management Plan, Mitsui is aiming to work toward a global energy transition by providing optimal solutions through business.

“Utilising the equipment and services provided by STATS, Mitsui will also work to strengthen the value chain for its upstream oil and gas interests and businesses, particularly in the areas of CCS and hydrogen.”

Mr Howarth and all other executive members of STATS will remain with the company upon completion of the transaction, whilst Pete Duguid, chairman and founder of STATS, will retire.

The private equity investor, Business Growth Fund (BGF), which has supported STATS since 2012, will realise its investment and exit the business.