JAMES FISHER AND SONS PLC James Fisher and Sons plc (James Fisher), announces today the purchase of the assets and intellectual property rights of X-Subsea UK Holdings Limited (X-Subsea) for a total consideration of £14.8m. Headquartered in Aberdeen, X-Subsea went into administration on 27 April 2015 following the collapse of its Norwegian parent company Reef Subsea AS.
X-Subsea was a world leading operator of specialised excavation, trenching and dredging equipment, which was rented and operated worldwide for subsea operations in the oil and gas, telecoms and renewable energy sectors. It was the main competitor of James Fisher Mass Flow Excavation Ltd, operating from bases in Aberdeen, Dubai, Singapore, and the Gulf of Mexico. Its equipment and tools, many of which are patented, are used in challenging environments to prevent damage to pipelines, cables, structures and the environment.
The assets and intellectual property acquired from X-Subsea are to be combined with the existing HydroDigger and TwinProp capability under James Fisher Subsea Excavation.
James Fisher Subsea Excavation will support its customers from principal locations in Aberdeen, North America, Mexico, Dubai and Singapore with access to James Fisher facilities in more than forty countries worldwide.
Commenting on the acquisition Nick Henry, chief executive officer of James Fisher, said: 'The transaction strengthens and consolidates our position in subsea services, and will enable James Fisher to become the global leader in mass flow excavation.'
Kenneth Mackie, managing director of James Fisher Subsea Excavation, added 'Our market-leading capabilities have been further strengthened by the addition of the patented fleet acquired from X-Subsea. Complementing our existing offering, we now have the world's largest subsea excavation capabilities, meaning we can provide an even stronger service to our clients globally. There is fantastic potential for these tools and services in the marketplace'
EC Hambro Rabben and Partners acted as corporate adviser to James Fisher and Sons plc.
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Notes to editors:
James Fisher Subsea Excavationis a trading name of James Fisher Mass Flow Excavation Ltd (JFMFE), a division of James Fisher and Sons plc. Formed in July 2014, JFMFE combined the specialist mass flow excavation equipment of James Fisher and KDM Marine, the HydroDigger and TwinProp, to support subsea projects in the offshore oil, gas and marine renewable energy sectors worldwide. JFMFE has operations bases in Texas, Mexico, Singapore and Aberdeen with access to James Fisher facilities in more than 40 countries world-wide.
For more information seewww.jfsubseaexcavation.com
James Fisher and Sons plcis a leading service provider in all sectors of the marine industry and a specialist supplier of engineering services to the nuclear industry in the UK and abroad. With offices in the Europe, the Middle East, Singapore, India, Australia and Africa, the company serves both the private and public sectors and adopts a practical approach to the management of assets and provision of high quality services, ensuring an appropriate use of technology and a sound understanding of each customer's requirements, while building on the experience and expertise gained over more than 165 years of operating in the marine environment. James Fisher brings practical experience, innovation and commercial best practice to all its clients' projects and services.
For more information seewww.james-fisher.com
Media contact:
Ruth Harvey
Group Marketing Manager
James Fisher and Sons plc
Tel: +44 (0) 1565 652720
E-mail:ruth.harvey@james-fisher.co.uk
Business contact:
Kenneth Mackie
Managing Director
James Fisher Subsea Excavation
Tel: +44 (0) 1651 871454
E-mail:kenneth.mackie@james-fisher.co.uk
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