James Fisher buys rig servicing firm

MARINE services provider James Fisher and Sons has bought an Aberdeen-based oil rig servicing firm known as Rigcool and its sister operations in Australia in a £4.1m deal.

The company, which is based at Barrow-in-Furness, is paying £2.1m in cash for privately-owned Rigcool and Rigcool Australia (based in Perth) and is also assuming £2m of the company’s outstanding debts.

RigCool supplies equipment such as booster pumps and submersible pumps and the engineers to support them to protect drilling rigs during well testing operations. 

In the year to 31 May 2010 the companies reported combined turnover of £4.8m, net profit before tax of £300,000 and had net assets of £1.2m.  When stripping out exceptional costs, its earnings before interest, tax, depreciation and amortisation in the same period was £1.1m.

Tim Harris, Chairman of James Fisher and Sons, said: “RigCool’s business fits neatly with Scan Tech Air Supply, which provides air compressors, steam generators and manpower services during well testing operations largely to the same clients.

“We plan to develop both activities in parallel and roll them out to other areas of the world. This acquisition also adds to our presence in the growing market in Western Australia.”