James Fisher Acquires S3 Assets
Joint Administrators of Specialist Subsea Services Limited (S3), Blair Nimmo and Geoff Jacobs of KPMG LLP, have sold the company’s assets and its intellectual property to James Fisher Offshore.
The Aberdeen-based business has been trading since 2007 and was acquired by the Reef Group in 2009.
Following the bankruptcy of the parent company, S3 entered into administration in February, after which the company was forced to lay off 77 staff, leaving only five employees, to assist the joint administrators realise the Company’s assets and to help market the business and assets for sale.
The company’s assets acquired by James Fisher include five ROVs and subsea survey equipment, Aberdeen Business News reported.
The sale, for an undisclosed sum, was concluded on April 17, 2015, following the period of exclusivity.
Blair Nimmo commented on the sale: “We are very pleased to have concluded the sale of these assets to James Fisher Offshore which will provide the best outcome for the company’s creditors and may also generate the opportunity for future employment.”