New Ownership Sets Stable on Road for Rapid Growth

Aberdeen-based Stable Services Ltd. has been acquired in a multi-million pound deal by Stable Holdings, a company formed by North-East businessman Rod Coffey to capitalize on the increasing global demand for drilling equipment.

In a deal supported by RBS, Stable Holdings has acquired the entire share capital of Stable Services Ltd. and is in advanced negotiations over the acquisition of another Aberdeen-based company.

Stable Holdings is already on track to hit turnover of £42 million with confirmed orders of £30 million currently on its books.

Stable Services is aiming to become a market leader in the rental, manufacture and supply of drilling equipment and currently employs 80 people.

Speaking at OTC, Mr. Coffey, says: "We are in the process of carrying out a complete business transformation process. Stable Services will maintain its core business and its brand identity but senior management and systems are changing dramatically so that effectively we will have a new company ready to exploit the rapidly expanding bottom hole assembly market and become a market leader in the international oil and gas industry."