EQUIPMENT rental specialist Vp expects its fourth acquisition in two years to more than double profits in its oilfield division.
The North Yorkshire-based plc announced yesterday it had bought Bukom General Oilfield Services for £5.7m.
Bukom supplies boilers, compressors and other equipment to the global oil and gas exploration market.
The company, which has bases in Aberdeen, Singapore and Holland, will be merged with Vp's Airpac Oilfield Services (Airpac) division.
The business will trade as Airpac Bukom Oilfield Services.
Neil Stothard, managing director of Vp, in Harrogate, said: "Bukom does the same as Airpac so this acquisition will allow us to double the size of the division and will open us up to new markets.
"Last year Airpac's revenue was £4.5m - we expect to see that grow to £9m or more once the two businesses are combined."
Airpac has a strong market presence in the European and South East Asia markets, whilst Bukom Oilfield Services are particularly strong in Africa and South America.
Jeremy Pilkington, chairman of Vp Plc, said: "The prospects for the global oil and gas exploration market remain very good and this acquisition places Vp in an excellent position to support this buoyant sector."
Vp was listed on the London Stock Exchange in 1973 and for the year ended March 31, 2005, group turnover was £90m.
Analysts expect turnover to increase to £100m for the year to March 2006, with profits climbing to £10.7m.
The group, which employs 1,300 people in offices across the UK, including in Middlesbrough, Newcastle and 80 in its Harrogate head office, operates six divisions.
These include Hire Station, Torrent Trackside, Groundforce, UK Forks and Airpac Bukom Oilfield Services.
Last year, the group completed three acquisitions. In November, it bought Trax Portable Access Limited for £11.5m and Dudley Vale, a division of GE Equipment Services Limited, for £3.53m.
In July, it paid 34.5m for Pivotal Services Group Limited, a wholly owned subsidiary within Babcock International Group Plc.
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