12th May 2015 06:54
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 particularly strong 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.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
James Fisher and Sons