Dubai’s Telford Offshore is plotting growth after being bought by US fund Merced Capital.

The company put itself up for sale last month after changing tack from a contemplated financial restructuring.

Long-term sponsor Merced now owns the whole company, which controls five multipurpose construction ships chartered to national and international oil companies.

No financial terms have been revealed, but the new owner has provided an injection of capital into the company to “support its next chapter of growth” and improve its balance sheet, reducing the net debt position to zero.