Al Gihaz Contracting, part of Al Gihaz Holding, has acquired the assets, intellectual property and management systems of Enshore Subsea Ltd, the UK-based subsea trenching company
The acquisition will see the creation of a new joint venture with the aim of forming a leading seabed intervention and construction management services provider.
The joint venture will rely on the acquired assets and the company’s successful track record of completed projects.
The deal comes after DeepOcean commenced a restructuring process in late 2020 in relation to three UK subsidiaries in its cable-laying and trenching business that will enable the group to be wound down on a solvent basis. DeepOcean 1 UK Limited, DeepOcean Subsea Cables Limited and Enshore Subsea Limited filed a practice statement letter that informed creditors of the companies’ intention to propose restructuring plans to their creditors and the objectives of those plans.
Al Gihaz Holding group vice chairman Sami Alangari said, “With this acquisition, Enshore Subsea will benefit from the technical and financial expertise of Al Gihaz Contracting, which for many years has been a leading power and manufacturing services provider locally and internationally.
“We will be able to provide competitive, resilient and diverse services to cover projects globally, and in the Kingdom of Saudi Arabia. This investment is in line with the Vision 2030 of the Kingdom and will pave the way for a strong involvement of the Group in this field.”
Enshore Subsea will be based out of its existing facility at Port of Blyth in the UK, which is well-suited to serving the European offshore wind and offshore oil and gas markets.
The company will provide services including subsea engineering and construction management, skilled manpower supply and equipment rental for subsea trenching, seabed intervention, development of seabed tooling technology and submarine flexible product installation.
Enshore Subsea managing director Pierre Boyde said, “I am delighted that through this co-operation with Al Gihaz we are able to take the company forward with a sustainable cost base, renewed energy and focus on our areas of expertise. We aim to be the contractor’s contractor of choice, supporting seabed intervention projects worldwide.”
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