James Fisher buys Divex

James Fisher confirmed that the buyout is taking place for an initial consideration of £20m in cash plus a further maximum additional consideration of £13m, linked to future profitability targets.

Derek Clarke and Doug Godsman, joint managing directors of Divex, will continue on at the company along with Doug Austin, managing director Asia Pacific and group business development manager.

Divex is based in Aberdeen with operations in Australia, South Africa and Dubai and employs approximately 240 people. It is not yet clear if the other employees will be kept on or if Divex will retain its own autonomy and brand identity following the buyout.

Nick Henry, chief executive officer, James Fisher and Sons plc, said: “Divex is a market leader in diving equipment for the oil and gas, and defence sectors. It is also the global leader in the design of saturated diving systems, which is a growing market. We believe that it will fit well with our Group both in terms of its market, customers and geographical spread.”