Glasgow-based firm Aggreko has withdrawn its bid to win the contract to supply mobile electricity at the Rio Olympics next year.

Aggreko supplied the power for the opening and closing ceremonies at London 2012 in a contract worth £55 million. But it says organisers for the Rio 2016 games have split the contract and awarded one part to a rival bidder.

In a statement, Aggreko said it had withdrawn because of the size of the event and preparation needed.

Chris Weston, chief executive of Glasgow-based Aggreko , said: "We have given considerable thought to our decision to withdraw from the bidding process and I would like to thank our team for all their hard work. We wish Brazil, the Rio 2016 Committee and the International Olympic Committee the very best for a successful games."

In October, the organisers said they were being forced to make cut backs of up to 30% to avoid going over budget.