James Fisher snaps up sub-contractor for £3.5m
BARROW-based marine services specialist James Fisher and Sons has acquired Cornwall company Mojo Maritime (MML) for up to £3.5m.
The deal is for an initial consideration of £3.2m in cash, plus a further £300,000 if earnings before interest and taxaction are £650,000 or greater for the year ending December 31 2015.
Founded in Falmouth 10 years ago by chief executive Richard Parkinson, MML is a specialist provider of consultancy and design services in the offshore renewable energy sector.
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, aimed at reducing risk and cost of working offshore.
Parkinson and his team will continue at the MML which has a sub-contract with James Fisher Marine Services for £1.2m under which the companies are working closely together on the construction phase of the MeyGen Innder Sound tidal project.
MML has also entered into a licence agreement with a company owned by the selling shareholders through which they will benefit from a one third share of licence fees for the construction of up to 10 high performance dynamic positioning vessels for offshore wind farm construction and maintenance.
Chief executive of James Fisher, Nick Henry, said:”The acquisition of MML will strengthen our expertise and abilities in servicing the offshore renewables sector. We are delighted to welcome Richard and his team to our Group.”
E C Hambro Rabben & Partners has acted as corporate adviser to James Fisher and Sons.
