James Fisher completes acquisition of X-Subsea assets and intellectual property to consolidate and strengthen its position as a subsea service provider.
James Fisher and Sons plc (James Fisher), announces 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.