James Fisher acquires Hughes Marine Engineering
According to Subsea World News James Fisher has acquired the entire share capital of Hughes Marine Engineering Limited, the holding company of Hughes Sub Surface Engineering Limited.
The initial consideration is GBP 9 million in cash, with further future consideration of up to GBP 1 million subject to certain profit targets being met by February 28, 2017, the company explained.
Hughes Sub Surface operates in the marine renewables, power generation, oil and gas, and inshore civil engineering sectors.
Nick Henry, chief executive officer of James Fisher, said:
“The operations of Hughes Sub Surface are complementary to those of James Fisher and, combined, they will broaden our range of services to the market, particularly to the renewable energy industry offshore. We are delighted to welcome all our new colleagues to the group and look forward to working with them.”
Related News: Wood Group Hits Major Deal with Shell in North Sea
Wood Group has been awarded a three-year contract extending its support of Shell’s eight UKCS offshore asset thus retaining more than 500 jobs.
Wood Group PSN (WGPSN) will continue to deliver maintenance and construction services to the Shearwater, Gannet, Nelson, Curlew, Brent Delta, Brent Alpha, Brent Bravo and Brent Charlie installations, the company said on Thursday.
In addition, WGPSN will provide engineering modifications to the latter three platforms.
Effective immediately, two, one-year extension options are included in the contract, which retains more than 500 jobs, Wood Group stated.
This is the third contract Shell has awarded Wood Group this year. In March, Wood Group PSN announced a new three-year contract, with the option to be extended up to four years, to deliver industrial services to the St Fergus gas processing plant in Aberdeenshire and the Mossmorran gas processing plant and Braefoot Bay marine terminal in Fife, Scotland.
In January, Wood Group Kenny started a three-year contract providing specialist consultancy services for flexible riser integrity management prior to and during operation of Shell Australia’s Prelude Floating Liquefied Natural Gas project.
James Crawford, Wo