Subsea Expo

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James Fisher Buys Subsea Specialist

James Fisher Buys Subsea Specialist

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11 August 2016

THE Barrow shipping and marine services business James Fisher and Sons has made its second acquisition in a fortnight.

The company has paid an initial £9m to buy the entire share capital of Hughes Marine Engineering, the holding company of Hughes Sub Surface Engineering in Liverpool.

The total paid could rise to £10m subject to certain profit targets being met by the end of February next year.

Hughes Sub Surface made £1.6m before tax in the year to April.

The company was founded in 2005 to provide commercial diving and civil engineering services to underwater projects.

It operates in the marine renewables, power generation, oil and gas, and inshore civil engineering sectors.

Nick Henry, chief executive of James Fisher, 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.

"We are delighted to welcome all our new colleagues to the group and look forward to working with them."

E C Hambro Rabben & Partners acted as corporate adviser to James Fisher.

The deal comes less than two weeks after Fisher announced the acquisition of Lexmar Engineering in Singapore.