The collapse of the company would have risked offshore operations in Aberdeen and Norway.
NBGI Private Equity, which owns ATR Group in the same sector, has agreed to buy the business for an undisclosed sum.
ATR chief executive Keith Moorhous told the BBC: "This deal will be welcomed by Cosalt's staff, customers and suppliers as an end to a period of uncertainty.
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"Cosalt has an excellent technical and operational reputation and is an integral part of the supply chain of many of the energy sector's leading oil service companies and operators.
"Cosalt and ATR will be pooling their significant resources and technical expertise to deliver a broad, integrated service offering to the oil and gas industry."
He added: "The deal will bolster ATR's growth by opening up the Norwegian market and improving its operational capacity through access to Cosalt's skilled engineers, technicians and inspectors and its substantial equipment hire fleet."
(GK)
