The deal was announced through the execution of a Share Purchase Agreement which will see STATS sell 100% of its issued share capital to the Japanese company.

The deal is expected to be finalised during the summer, pending regulatory competition approval. 

The move will see Pete Duguid, chairman and founder of STATS, retire from his role. However, the rest of the executive team will remain with the company following the transaction. 

Leigh Howarth, CEO of STATS said: “Having worked with the Mitsui team for several months now, we’re delighted to be formally joining forces to pursue opportunities in both the traditional oil and gas pipeline markets and the emerging low carbon markets.”

“Supported by Mitsui’s broad energy relationships and investments, we see significant growth potential for STATS from this transaction, and resultantly excellent career development opportunities for all our staff.”

STATS is a private company which grew to its stature through a £7.8 million investment from the UK’s Business Growth Fund (BGF) in 2012. Following this acquisition, the BGF will realise its investment and leave the company.

The Aberdeenshire company made its mark in the pipeline industry through innovative pressurised pipeline integrity solutions. Products like the Tecno Plug, which allows systems to remain pressurised, live and operational while they are repaired, and the BISEP which uses patented technology for line plugging that offer safety advantages over traditional technologies. 

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Mitsui will leverage these technologies to build a stronger presence in the pipeline maintenance market for both oil and gas, as well as emerging low-carbon markets such as carbon capture storage and hydrogen. 

“Under its Medium-term Management Plan, Mitsui is aiming to work toward a global energy transition by providing optimal solutions through business,” said Koichi Fujita, CEO of Mitsui. “Utilising the equipment and services provided by STATS, Mitsui will also work to strengthen the value chain for its upstream oil and gas interests and businesses, particularly in the areas of CCS and hydrogen.”