Aberdeen-based STS is a specialist contracting company to the offshore oil and gas industry which owns and operates a fleet of remotely operated vehicles.

In its last reported financial period from 16 April-31 December 2008, STS generated pre-tax profits of £2.6m.

Neptune, one of Australia's leading providers of integrated solutions to the international oil and gas, marine and renewable energy industries, acquired the entire issued capital of STS for £16m (plus an adjustment for working capital less debt at completion of the acquisition) with an additional conditional consideration based on STS's EBITDA performance for the calendar year 2009.

Quayle Munro received £6.7m for its shareholding on completion, and will receive additional conditional consideration pro rata to its shareholding.

Quayle Munro was also repaid £1.9m of shareholder loan notes in STS.

Story provided by Business Financial Newswire