Athens: Offshore service provider James Fisher has paid £3.2m in cash to acquire Mojo Maritime, which provides consultancy and design services to the offshore renewable energy sector.
The transaction also includes a potential future consideration of £0.3m if Mojo’s earnings before interest and taxation are £0.65m or more during 2015.
Mojo was founded in Falmouth, south-west England, by its CEO Richard Parkinson in 2005.
The company is involved in foundation design, installation methodology and project planning, as well as designing and developing products, some of which have been patented.
Mojo and James Fisher Marine Services are working together on a £1.2m sub-contract on the construction phase of the MeyGen Inner Sound tidal project in the Pentland Firth, between the mainland of northern Scotland and Stroma Island.
“The acquisition of Mojo will strengthen our expertise and abilities in servicing the offshore renewables sector. We are delighted to welcome Richard and his team to our Group,” Nick Henry, CEO of James Fisher, said today.
This is the second acquisition James Fisher has made in the space of two months. In early March, the London-listed company acquired Subtech Group, a South Africa-based marine and sub-sea service provider.