James Fisher and Sons Plc (‘James Fisher’), the leading Marine Services business, 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.
Press Release, January 28, 2014; Image: Subsea Vision