UK offshore contractor James Fisher is bolstering its decommissioning capability with the acquisition of the entire share capital of engineering solutions and consultancy company, Subsea Engenuity.
James Fisher is paying a total net cash consideration of up to $1m for a well abandonment technology which is said to eliminate ongoing platform maintenance costs. The deal also includes technology for well cap setting, allowing the seabed to be returned to its natural state with no pollution impact.
Eoghan O’Lionaird, CEO of James Fisher, said: “The acquisition of Subsea Engenuity’s innovative technology is consistent with our purpose of pioneering safe and trusted solutions for our customers and is evidence of our commitment to proactively align our business choices and investments with support for the energy transition including through the responsible management of existing infrastructure and assets.”
In addition to the intellectual property assets included in the transaction, the co-founder of Subsea Engenuity, Richard Henderson, will join the James Fisher Offshore (JFO) decommissioning team.
JFO has completed over 100 discrete decommissioning works to date.