As part of the merger, the two companies will employ almost 400 people with a turnover of £55m and will seek to consolidate and grow the two businesses to more than £100m in turnover, organically and by acquisition.
The acquisition is also expected to stabilise Cosalt’s business, which was going through a difficult period in recent years, as well as preserving jobs and providing finance to take advantage of global growth prospects.
ATR chief executive Keith Moorhouse, who will now lead the expanded group, said that Cosalt’s staff, customers and suppliers will welcome the deal as an end to a period of uncertainty.
"Cosalt and ATR will be pooling their significant resources and technical expertise to deliver a broad, integrated service offering to the oil and gas industry," Moorhouse added.
"The deal will bolster ATR’s growth by opening up the Norwegian market and improving its operational capacity through access to Cosalt’s skilled engineers, technicians and inspectors and its substantial equipment hire fleet."
ATR, which supplies specialised tools and equipment for the offshore oil and gas industry maintenance market, entered the subsea equipment rental and services segment by acquiring UES in 2012.
Cosalt Offshore, which was part of UK-based Cosalt, provides offshore and marine safety equipment, lifting and rigging gear, wire rope, related tools and safety at height products, as well as offshore inspection and compliance services.
NBGI investment director, Lawrence Dean, said: "The high regard in which Cosalt is held in the offshore lifting market is testament to its employees, who have continued to operate at the highest technical and operational levels."
Image: Plans are afoot to merge and expand the two businesses. Photo courtesy of FreeDigitalPhotos.net / tungphoto.