International Tubular Services in Parker Drilling deal

An Aberdeen-based engineering company has been bought out of administration in a $125m (£82m) deal, with 1,000 jobs transferring to new American owners.

International Tubular Services (ITS) has operations in 22 locations around the world.

Its main division, which rents drilling and pressure control equipment to oil companies, has been sold to Parker Drilling.

Gary Rich, of Parker Drilling, said ITS had a strong portfolio.

Joint administrator Bruce Cartwright, of PwC, said: "The sale means that the business now forms part of a truly global player."