2019 August 13 14:09
James Fisher and Sons Plc announces the acquisition of 60% of the share capital of Continental Participação E Administração Ltda., the holding company of Serviços Marítimos Continental S.A. (together "Continental") for a total cash consideration of £7.5m, £4.9m payable on completion and £2.6m payable in January 2022, the company said in its release.
Continental is an established air diving service provider to the offshore oil sector in Brazil. Based in Macaé, Rio de Janeiro State, Brazil, Continental provides inspection, repair and maintenance ("IRM") services to offshore oil terminals, primarily FPSOs. Between 2016 and 2018 the average annual earnings before interest, tax, depreciation and amortisation of Continental were £3.1m.
Afonso Ritzmann will continue as Managing Director of Continental, and retains a 40% interest which is subject to a put and call option which can be exercised between 2022 and 2026. The option prices are based on a multiple of average earnings at the time and are capped.