Subsea experts complete acquisition to form new joint venture company
Al Gihaz Contracting, part of Al Gihaz Holding has announced the acquisition of assets, Intellectual Property and the management systems of Enshore Subsea Ltd, a leading UK based subsea trenching company, providing seabed intervention services to mega-projects across industry around the world.
A trio of subsea industry specialists in the North East worked with Al Gihaz to create the new joint venture with the aim of forming a leading seabed intervention and construction management services provider.
Led by the local management directors Pierre Boyde, Wayne Pullen and William Stephenson the new company will trade under the Enshore Subsea name.
The joint venture between management and Al Gihaz will utilise the acquired specialist seabed intervention assets of the company, the skilled team and the company’s track record of completed projects to support the international energy industry as well as aid the Kingdom of Saudi Arabia’s drive to generating 58.7GW of clean energy by 2030.
Based out of an operational facility at the Port of Blyth and aiming to employ 40 people by the end of 2021, Enshore Subsea Ltd will supply services into the offshore subsea intervention market globally, which includes the buoyant Northern European offshore wind industry.
Services will include subsea engineering and construction management, skilled manpower supply and equipment rental for subsea trenching, seabed intervention, development of seabed tooling technology and submarine flexible product installation.
The acquisition forms part of Al Gihaz Holdings’ ambitions to be at the forefront of new and clean technologies and follows multiple investments in solar and wind power plants in different regions of the world.
Corporate Finance and Tax advice was provided to Pierre, William and Wayne by Newcastle-based Ryecroft Glenton led by RGCF partner, Nick Johnson, RG Tax partner, Simon Whiteside and supported by RGCF executive, Tom Cosby and RG Tax Director, Liz Rothery. Legal advice to the directors was provided by commercial law firm Square One Law, corporate partner, John Hammill and senior partner, Ian Gilthorpe.
Pierre Boyde, managing director of Enshore Subsea, said: “I am delighted that through this cooperation with Al Gihaz, we are able to take the company forward with a sustainable cost base, renewed energy and focus on our areas of expertise. We aim to be the Contractor’s contractor of choice, supporting seabed intervention projects worldwide.”
Sami Alangari, group vice chairman, Al Gihaz Holding said: “With this acquisition, Enshore Subsea will benefit from the technical and financial expertise of Al Gihaz Contracting, which for many years has been a leading power and manufacturing services provider locally and internationally.
“We will be able to provide competitive, resilient and diverse services to cover projects globally, and in the Kingdom of Saudi Arabia. This investment is in line with the Vision 2030 of the Kingdom and will pave the way for a strong involvement of the Group in this field.”
John Hammill, corporate partner at Square One Law, said: “Enshore Subsea Ltd’s management team and workforce have an enviable track record for the development of innovative subsea technology and successful project delivery.
“Working closely with Al Gihaz Holding, the new company can build on this reputation and expand its presence in key subsea markets, most notably the offshore wind sector, including supporting the Kingdom of Saudi Arabia’s plans to generate substantial levels of green energy.”
Nick Johnson, RGCF partner, said: “This new joint venture creates a robust and flexible business that will make a major contribution to the North East of England’s extensive subsea expertise and take advantage of skills that have been developed locally and deployed globally for more than 40 years.
“Pierre, Wayne and William’s expertise in this sector, combined with the support and strategic focus of Al Gihaz Contracting, ensure a very exciting future for the business.”
