James Fisher has acquired the entire share capital of Hughes Marine Engineering Limited, the holding company of Hughes Sub Surface Engineering Limited.
The initial consideration is GBP 9 million in cash, with further future consideration of up to GBP 1 million subject to certain profit targets being met by February 28, 2017, the company explained.
Hughes Sub Surface operates in the marine renewables, power generation, oil and gas, and inshore civil engineering sectors.
Nick Henry, chief executive officer 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.”