James Fisher buys Singapore dive specialist for up to £15m

James Fisher said it had bought Singapore-based diving equipment specialist Lexmar Engineering for up to £15m.

AIM-listed Fisher said it would pay £9.8m in cash up front with the rest subject to the successful completion of certain projects.

Founded in Singapore in 1996, Lexmar is a specialist provider of service and support of diving equipment and saturated diving systems. The business is completing three 18 man twin bell saturation diving systems, Fisher said.

Nick Henry, Chief Executive Officer of James Fisher, said: "The acquisition of Lexmar will strengthen our specialist diving equipment services and is well located to access the strategically important Asia Pacific region. We are delighted to welcome Lexmar to the Group."