Get involved: send your pictures, video, news and views by texting KNEWS to 80360, or email
Cross Hills subsea engineering company sold for up to £4.5 million
A Cross Hills company that is a UK leader in subsea engineering has been sold for a fee of up to £4.5 million.
Osiris Marine Services and Osiris Underwater Engineering, of Crossings Business Park, has been bought by a Barrow-based firm.
James Fisher & Sons, a marine services group, will pay £3.25 million up front.
A further £1.25 million could be paid depending on profits between July next year and 2015.
Osiris managing director, Aiden West, will remain in his post.
Established in 1996 to provide diving and subsea services, primarily to offshore wind-farms, Osiris has continued to grow.
It moved to its current premises from its much smaller previous base at Lothersdale in 2011.
The £200,000 move followed a successful 18 months for the company, which offers services including bespoke design, fabrication and manufacturing, installation, inspections, surveys, repairs and demolition.
Its workforce is trained in skills, including diving.
James Fisher & Sons said the acquisition would provide a huge boost.
Chief executive officer Nick Henry added: “We are pleased to announce the acquisition of Osiris, which furthers our presence and widens our offering to the offshore renewables market.
“It is a further boost to our subsea capability.”
In a separate move, James Fisher & Sons has sold its 25 per cent shareholding in Foreland Holdings for an initial £11.4 million to Hadley Shipping (Ro-Ro).
There is also potential consideration for the sale of two vessels owned by Foreland, which was established in 2001 as a private finance initiative to acquire six vessels.
Comments are closed on this article.