12th May 2015 13:09
LONDON (Alliance News) - James Fisher & Sons PLC Tuesday said it has bought the assets and intellectual property rights of X-Subsea Holding Ltd out of administration for GBP14.8 million, a move that bolsters the company's subsea services offering and makes it stronger in mass flow excavation.
X-Subsea went into administration last month when its Norwegian parent company Reef Subsea collapsed. It was the main competitor to James Fischer's mass flow excavation business, designing and operating specialised excavation, trenching and dredging equipment in the oil & gas, telecoms and renewable energy sectors.
The joint administrators of X-Subsea UK Ltd are Iain Fraser and Tom MacLennan, partners with restructuring and advisory firm FRP Advisory LLP.
FRP Advisory said X-Subsea UK had one live contract at the time the joint administrators were appointed and a skeleton staff of six employees was retained to complete the contract. This has now finished and those staff were repatriated to the UK last week, but unfortunately due to the financial and trading position of the company they were also made redundant.
?X-Subsea operated in a global marketplace and was well known for the highly sophisticated dredging and excavation equipment it used as well as its expertise in non-contact excavation. There was international interest in the assets and we are pleased that they will be retained in Aberdeenshire and hopeful that new employment opportunities might arise following the sale,? Fraser said in a statement.
The overseas subsidiaries of X-Subsea in the US, Mexico and Singapore are not in administration.
James Fisher shares were down 0.9% at 1,283.00 pence Tuesday afternoon.
By Steve McGrath; [email protected]; @stevemcgrath1
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