James Fisher and Sons plc has purchased 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 an 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.
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.”
EC Hambro Rabben and Partners acted as corporate adviser to James Fisher and Sons plc.