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Cross Hills sub-sea engineering firm sold in £4.5m deal
9:00am Wednesday 4th September 2013 in News
A Cross Hills company which 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 £3.25m up front.
And a further £1.25m 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 hugely successful 18 months for the company, which offers services including bespoke design, fabrication and manufacturing, installation, inspections, surveys and 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 said: “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 £11.4m 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.