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October 2009

Hall Morrice negotiates rescue package for Stable Acquisition
Will See Imminent New Job Creation

Hall Morrice today [Monday 26 October 2009] announces the successful completion of a rescue deal where newly formed company Paradigm Oilfield Services Limited (POSL) acquires key Stable companies from administration. The six figure deal (total undisclosed) sees POSL acquire the remaining trade and certain assets of Stable Holdings, Stable Services, Stable Leasing and Holsco. POSL is a subsidiary of Netherlands based Paradigm Group BV whose Chief Executive Officer (CEO) is Fraser Innes. Stable, which had a staff of 79, went into administration in July this year leaving only five staff in place. As a result of a number of potential contract wins, POSL plans an imminent recruitment drive for 25 positions to add to the current five posts and believes that there will be further job creation in the coming 12 months.

Stable experienced problems as a result of over trading. Put simply, the company had a healthy order book but was unable to secure additional funding to enable it to deliver on its orders. It had experienced a period of outstanding growth from a turnover of £7 million to more than £29 million in less than three years and POSL was able to see the undoubted potential of this acquisition.

The acquisition of Stable is part of Paradigm Group BV’s growth strategy of buying technology led oil and gas companies which have a track record of excellent service delivery.

Paradigm Group BV’s CEO, Fraser Innes, comments, “Stable had experienced dramatic growth and we’re in a position to realise this growth and to continue to deliver on the company’s future potential with sufficient funding to support this. The core of the company is sound and we’ll develop this model with suitable working capital in place. There is potential for a significant increase in staff numbers over the coming 12 months.”

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