KPMG finds buyer for Fife oil firm as 15 jobs saved

Stricken Fife-based oil and gas services group Sabre Safety has been bought by Starn Energy Services Group, administrators KPMG have said.

KPMG, who were appointed as Sabre’s administrators last week, said the deal to sell the Cupar-headquartered group to Starn will see all 15 jobs remaining with the business saved.

KPMG said there had been strong interest in the group, which has continued to trade since the global accountancy firm took over its running last week, with its assets attracting attention.

The KPMG said it was pleased to have concluded a sale to Sabre Safety Services Limited, a newly-formed entity owned by Starn.

A total of 30 staff in Fife and at Sabre’s Aberdeen satellite office were made redundant in the immediate aftermath of KPMG’s appointment.

Joint administrator Blair Nimmo said: “We are pleased to announce completion of the sale to Starn Energy Services Group which will preserve employment, allow continuity of customer service and provide an excellent opportunity for the purchaser to develop the UK and international services offered by Sabre.

“Notwithstanding difficult times for the oil and gas sector, the outcome achieved here demonstrates that appetite for investment in businesses in this sector continues to exist, under the right circumstances.”

Starn finance director Rick Clark said the group was delighted to bring Sabre into its portfolio alongside Dundee-based Safehouse Habitats.

“From an investor point of view, we saw Sabre as a business which was quite complementary to the Safehouse business that Starn already holds,” Mr Clark said.

“The plan is to continue trading separately to start with until we really get our hands around the Sabre business.”

Mr Clark said the intention was to re-engage a handful of the staff made redundant, and build Sabre anew.

“There is an expectation the market is improving in the North Sea and more widely,” he continued.

“That is not showing up in the numbers yet, but it is in the level of inquiries and orders. What is different for Sabre is that, clearly, with a new company, you don’t have the debts.

“There is work out there and we should be able to get the company to a cash positive position quite rapidly.

“Once we have got our arms around it we can look at the benefits of business development across both businesses.

“But for now, we are just delighted. They are a good team and it is a business that we have a lot of respect for.

“Two or three years ago, we had identified Sabre as a business that could help drive us, the wider Starn Energy project, forward. We are very pleased to be able to offer a home to Sabre and the people coming across.”