London: James Fisher & Sons has paid £14.8m ($23.1m) for the assets and intellectual property rights of X-Subsea, a designer and operator of specialised excavation, trenching and dredging equipment.
X-Subsea went into administration on April 27, after the collapse of parent company Reef Subsea, and was the main competitor of James Fisher Mass Flow Excavation.
Nick Henry, CEO of James Fisher, said: “The transaction strengthens and consolidates our position in subsea services, and will enable James Fisher to become the global leader in mass flow excavation.”
Last week James Fisher paid £3.2m in cash to acquire Mojo Maritime, which provides consultancy and design services to the offshore renewable energy sector. In March it acquired Subtech Group, a South Africa-based marine and sub-sea service provider, for an initial cash consideration of ZAR61.0m ($5.18m).
