Acquisition

RNS Number : 6669Y

Fisher (James) & Sons plc

28 January 2014

 



28 January 2014

JAMES FISHER AND SONS PLC

ACQUISITION OF SUBSEA VISION LIMITED

James Fisher and Sons Plc (FSJ.L) ('James Fisher'), the leading Marine Services business, today announces the acquisition of the entire share capital of Subsea Vision for £2.5m. Subsea Vision owns and operates remotely operated vehicles (ROV) providing underwater surveys, inspections and construction support to the oil and gas  industry including floating, production, storage and offtake vessels. Subsea Vision adds to James Fisher's marine support services division and will report to Fendercare.

Based in Dorset and established in 2002, Subsea Vision currently has five ROV systems in its fleet.  Profit before tax in the year to 31 March 2013 was £0.4m. Net Assets at 31 March 2013 were £0.7m.

Nick Henry, Chief Executive Officer of James Fisher, said:

"The acquisition of Subsea Vision is a further step in our growth, providing niche specialist services for the offshore energy sector."

 E C Hambro Rabben & Partners has acted as corporate adviser to James Fisher and Sons plc

Contacts:

James Fisher and Sons plc	Nick Henry	Chief Executive Officer	020 7614 9508
EC Hambro Rabben & Partners	Eivind Rabben Peter Donald		020 7355 4100
FTI Consulting	Richard Mountain		020 7269 7291

 

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