Starn finance director Rick Clark said the group was delighted to bring Sabre into its portfolio alongside Safehouse.
“From an investor point of view, we saw Sabre as a business which was quite complementary to the Safehouse business that Starn already holds. The plan is to continue trading separately to start with until we really get our hands around the Sabre business.” The intention is 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. 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.”