Marine firm's assets acquired
Fisher in £14.8 million salvage deal for collapsed X-Subsea
X-Subsea went into administration on 27 April following the failure of its Norwegian parent company Reef Subsea.
FRP Advisory was appointed administrator and made 20 jobs at the firm redundant. It said it had experienced “unsustainable losses and cash flow problems stemming from a downturn in orders”.
X-Subsea was a world leading designer and operator of specialised excavation, trenching and dredging equipment, which is rented and operated worldwide for subsea operations in the oil & gas, telecoms and renewable energy sectors.
It was the main competitor of James Fisher Mass Flow Excavation, operating from bases in Aberdeen, Dubai, Singapore, and the Gulf of Mexico. Its equipment and tools, many of which are patented, are used in challenging environments to prevent damage to pipelines, cables, structures and the environment.
Nick Henry, chief executive of James Fisher, said: “The transaction strengthens and consolidates our position in subsea services, and will enable James Fisher to become the global leader in mass flow excavation.”
EC Hambro Rabben & Partners acted as corporate adviser to James Fisher and Sons.