James Fisher Acquires South Africa’s Subtech For $27.6mn
UK marine services company James Fisher and Sons announced Tuesday that it has acquired, Subtech Group, a South African marine services contractor, in a deal valued at up to $27.6 million. Subtech’s senior management team, led by CEO Greg Raaff, will continue with the company following the acquisition.
Subtech is currently active in Mozambique, Namibia, Angola and Tanzania, as well as throughout Sout Africa. James Fisher said in the Tuesday press release that Subtech “has a strong reputation for reliable and timely completion of marine construction projects, submarine pipeline installation and maintenance, specialised marine engineering projects, diving and salvage.”
Our core values of delivering excellence and continual innovation have been the key contributors to our success. By leveraging our global reach, deep operational understanding, breadth of capability and the enthusiasm and commitment of our staff, James Fisher is a trusted partner of major corporations, government agencies and other valued customers around the world.
Nick Henry, CEO of James Fisher, said in a statement, “The acquisition of Subtech broadens our presence in the growing markets around Africa. Subtech’s marine and subsea services are very complementary to our own. We are looking forward to working together with the Subtech team.”
Greg Raaff highlighted the synergies between the companies. “Subtech is very excited and proud to be part of the James Fisher Group. With our close synergies to many of Fisher’s current services and group companies, as well as our geographic footprint, we look forward to enhancing our current market offering and to being an ideal ship front for the Group’s services into South Africa.” Source: Oil Pro