James Fisher announces acquisition of Subtech Group Holdings

James Fisher announces today the acquisition of the entire share capital of Subtech Group Holdings (Pty) Ltd, the company said in its press release.
 
The initial consideration is ZAR61.0m (£3.4m) in cash plus potential future consideration up to a maximum of ZAR175.0m (£9.9m) based on the Company achieving profit targets in 2015 and 2017. There is an additional profit share above target levels up to a maximum of ZAR85.0m (£4.7m) between 2015-2017.
 
Subtech is a South African based marine and sub-sea service provider with activities also in Mozambique, Namibia, Angola and Tanzania. The Company 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. They are also well positioned to take advantage of any future expansion of oil and gas activities in East and West Africa.