Braemar Shipping Services, an international provider of shipping, marine and energy services, today revealed the sale of the sale of Casbarian Inc., its US based technical services subsidiary.
Following the recent performance of Casbarian, Braemar undertook a review of its operations and concluded that the strategic fit with the Braemar Technical Services division was not sufficiently strong to justify future investment. Accordingly the decision was taken to exit the business.
James Kidwell, chief executive officer of Braemar , commenting on this development said: “ The Board has acted quickly and decisively to dispose of the Casbarian operations in the US, which were responsible for the expected underperformance highlighted in our interim management statement of 17 January 2014. ”
[mappress] braemarplc, March 20, 2014