9th Jul 2007 15:32
Braemar Shipping Services PLC09 July 2007 BRAEMAR SHIPPING SERVICES PLC PRESS RELEASE For immediate release 9 July 2007 Braemar Shipping Services plc Acquisition of the Falconer Bryan Group The Board of Braemar Shipping Services plc is delighted to announce theacquisition of Falconer Bryan Pte Limited for a cash consideration which isexpected to be £5.8 million with the final amount being based on the cash andnet working capital in the business at completion, and payable within threemonths. The consideration will be met from Braemar's existing resources. Falconer Bryan provides a range of Survey, Engineering and Loss Adjustingservices to the Marine and Energy Industries, including Loss Prevention surveyssuch as, towage and transport approvals, location approvals and location movesfor mobile offshore drilling units, associated naval architectural/structuralengineering support and energy loss adjusting investigation services resultingfrom an insurable incident. The firm is headquartered in Singapore and operatesthroughout the Far East from offices in Indonesia, Malaysia, Vietnam, China,India and Australia and employs 90 full time staff the majority of whom areeither Class 1 Mariners/Engineers, Structural Engineers, Naval Architects orLoss Adjusters. In the year to 31 December 2006 Falconer Bryan generated revenues of £4.7million and pre-tax profits of £1.3 million and its net assets at 31 December2006 were £3.1 million including cash of £1.7 million. Falconer Bryan is privately owned and the directors have agreed to continuetheir existing roles post completion. Commenting on the acquisition, Alan Marsh, CEO of Braemar Shipping Services plcsaid, "This acquisition represents another significant step towards ourstrategic goal of building a broadly-based shipping services group. We arepleased with the progress of our technical shipping services business, Wavespec,and the addition of Falconer Bryan will greatly increase our presence in theimportant Far East market." John Falconer, Chairman of Falconer Bryan commented "after careful considerationof the best way to take the business forward the Falconer Bryan management andstaff are looking forward to joining forces with Braemar and being part of agroup with forward thinking and visionary attributes ". Note: An exchange rate of Sing$3.01/£ has been used for the conversion of allSingapore $ denominated results and balances referred to in this statement. Ends For further information, contact: Braemar Shipping Services plc Alan Marsh/Quentin Soanes Tel +44 (0) 20 7535 2650 James Kidwell Tel +44 (0) 20 7535 2881Aquila Financial Peter Reilly Tel +44 (0) 20 7202 2601Elaborate Communications Sean Moloney Tel +44 (0) 1296 682356Charles Stanley Securities Philip Davies Tel +44 (0) 20 7149 6457 Falconer Bryan Pte Ltd20 Maxwell Road, #03-02 Maxwell House [email protected] 069113 John Falconer Tel: +65 6222 9282 Notes Braemar Shipping Services plc (previously known as Braemar Seascope Group plc)is a leading integrated provider of broking and consultancy services to theshipping industry. Braemar Shipping Services plcSpecialised shipbroking and consultancy services to international ship ownersand charterers in the sale & purchase, tanker, gas, chemicals, offshore,container and dry bulk markets.www.braemarseascope.com Falconer Bryan Pte LtdOffices at the following locations:Australia, China, India, Indonesia, Malaysia, Singapore, Vietnam, United Kingdomwww.falconer-bryan.com Cory Brothers Shipping AgencyPort agency, freight forwarding and logistics services within the UK.www.cory.co.uk WavespecMarine engineering and naval architecture consultants to the shipping andoffshore markets.www.wavespec.com DV HowellsPollution response service primarily in the UK for marine and rail operationswww.dvhowells.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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