James Fisher acquires Subsea Engenuity to increase offshore decommissioning efficiencies
11 June 2021
James Fisher and Sons plc (James Fisher) announces the acquisition of the entire share capital of engineering solutions and consultancy company, Subsea Engenuity Limited, a move which extends its current decommissioning capability under James Fisher Offshore (JFO). The deal, for total net cash consideration of up to £0.75m, secures access to innovative well abandonment technology affording customers a route to eliminating ongoing platform maintenance costs, as well as technology for well cap setting allowing the seabed to be returned to its natural state with no pollution impact.
The addition of this innovative technology considerably enhances JFO’s capability by enabling full subsea decommissioning solutions from subsea well abandonment through to structure removal, and creates additional value for customers through:
· Reduced contractual complexity and risk with implicit cost savings
· Increased deck space generated through the elimination of equipment duplication
· Improved vessel utilisation through the avoidance of contractor spreads and personnel change-over
· Reduced personnel on board through deployment of multi-skilled operators trained to perform several operations
To date, JFO has completed more than 100 discrete decommissioning workscopes through the provision of specialist equipment, expertise and personnel. The addition of Subsea Engenuity’s unique well abandonment technology will allow JFO to significantly grow its share of an estimated addressable market of £170m annually.
Commenting on the addition of Subsea Engenuity’s technology, Eoghan O’Lionaird, Chief Executive Officer James Fisher, said: "I am delighted that James Fisher is taking this step to assist customers in reducing long-term costs and in realising the safe, efficient and environmentally responsible achievement of their decommissioning and sustainability goals. The acquisition of Subsea Engenuity’s innovative technology is consistent with our purpose of pioneering safe and trusted solutions for our customers and is evidence of our commitment to proactively align our business choices and investments with support for the energy transition including through the responsible management of existing infrastructure and assets.”
In addition to the intellectual property assets included in the transaction, the co-founder of Subsea Engenuity, Richard Henderson, will join JFO’s decommissioning team.