James Fisher buys Singapore’s diving equipment provider
- Business & Finance
James Fisher, a provider of services to the marine, oil and gas industries, has announced the acquisition of the entire share capital of Lexmar Engineering and Lexmar Sat Systems, that provide diving equipment and saturated diving systems.
James Fisher said on Monday that the initial consideration is S$17.5m (£9.8m) in cash, with further future consideration of up to S$9.3m (£5.2m) subject to the successful completion of certain projects. The consideration is based on net cash held by Lexmar at the acquisition of S$8.8m (£4.9m).
Founded in Singapore in 1996, Lexmar is a provider of service and support of diving equipment and saturated diving systems.
According to James Fisher, the business is completing three 18 man twin bell saturation diving systems and is complementary to JFD, within its Specialist Technical division.
Lexmar’s profit after taxation for the year ended December 31, 2015 was S$3.9m (£2.2m) and combined net assets were S$8.9m (£5.0m), James Fisher said.
Nick Henry, Chief Executive Officer of James Fisher, said: “The acquisition of Lexmar will strengthen our specialist diving equipment services and is well located to access the strategically important Asia Pacific region. We are delighted to welcome Lexmar to the Group.”