James Fisher grabs dive team
Hughes Sub Surface Engineering acquired for £9m
James Fisher has acquired subsea service company Hughes Sub Surface Engineering for an initial consideration of £9m.
A further £1m could be paid subject to certain profit targets being met by 28 February 2017.
Hughes Sub Surface provides commercial diving and civil engineering services to underwater projects in the marine renewables, power generation, oil and gas and inshore civil engineering sectors.
James Fisher said Hughes Sub Surface's profit before taxation for the 12 months to end April 2016 was £1.6m.
James Fisher chief executive officer Nick Henry said: “The operations of Hughes Sub Surface are complementary to those of James Fisher and, combined, they will broaden our range of services to the market, particularly to the renewable energy industry offshore.”
EC Hambro Rabben & Partners has acted as corporate adviser to James Fisher and Sons.
Image: James Fisher