Fife Council has welcomed news that a Rosyth manufacturer of generators and electrical equipment for the oil and gas sector is to receive a £50m investment.

Executive member for Business, Enterprise, Economy & Planning, Councillor Kay Carrington welcomed the investment in Parsons Peebles Generation, which came about following acquisition by Clyde Blowers Capital, owned by Scottish tycoon, Jim McColl.

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Parsons Peebles supplies equipment to heavy industrial users and has recently concentrated on the oil and gas sector.

Councillor Carrington said: "This is a superb opportunity for the company, Rosyth and Fife’s economy. The investment by the new owners is very positive and the plans to bring new life into the business and to develop the firm over the next few years to become a global service company in the energy markets, is exciting news.

"We look forward to working with Parsons Peebles Generation and our economic partners to exploit all opportunities available for local employment and to work with our colleges to make sure that the right skills are in place to meet the needs of the company."