James Fisher and Sons Sells its Interest in Foreland and Acquires Osiris Marine Services
Tuesday, Aug 20, 2013
James Fisher and Sons plc ("James Fisher" or 'the Group") today announces the sale to Hadley Shipping (Ro-Ro) Limited of its 25% shareholding in Foreland Holdings Limited ("Foreland") for an initial consideration of £11.4m with potential additional consideration on the sale of two vessels owned by Foreland.
Foreland was established in 2001 as a Private Finance Initiative to acquire six roll-on-roll-off vessels. Four of the vessels are under contract to the UK Ministry of Defence ("MOD"). James Fisher's net and gross investment in Foreland was £3.1m on 30 June 2013. The Group's share in the post tax earnings in Foreland for the year ended 31 December 2012 was £1.6m. The proceeds from the disposal will be invested back into the Group.
Stuart Kilpatrick, Group Finance Director of James Fisher, said: "We are very pleased to have been part of the consortium which formed Foreland and the initial investment has achieved a good return for shareholders. We would like to thank the management of the business and our fellow investment partners for their efforts since the company was established which have helped to make Foreland a success."
James Fisher also announces today the acquisition for an initial consideration of £3.25m of the entire share capital of Osiris Marine Services Limited and Osiris Underwater Engineering Limited (together "Osiris"), both companies were owned privately by Mr and Mrs Aiden West. Mr West will remain as Managing Director of Osiris. Osiris based in Keighley, Yorkshire was established in 1996 to provide diving and sub-sea services primarily to the offshore wind-farms. Further consideration of up to £1.25m is payable contingent on certain profit targets for the years ended 30 June 2014 and 30 June 2015. The gross assets of Osiris were £3.5m at 30 June 2013 and its net assets were £1.4m. Its pro-forma consolidated pre-tax earnings for the year ended 31 March 2013 were £0.9m.
Nick Henry, Chief Executive Officer of James Fisher, said: "We are pleased to announce the acquisition of the marine service business, Osiris, which furthers our presence and widens our offering to the offshore renewables market and is a further boost to our subsea capability."
Source: James Fisher and Sons plc