James Fisher takes up 60% stake in Brazilian air diving business

Engineering services provider James Fisher & Sons has taken a 60% stake in Brazilian air diving outfit Continental Participação E Administração, the holding company of Serviços Marítimos Continental.

Fisher acquired the stake in Continental for a total cash consideration of £7.5m - £4.9m of which was payable on completion, with the remaining £2.6m payable in January 2022.

Continental, based in Macaé, Rio de Janeiro, provides inspection, repair and maintenance services to offshore oil terminals, primarily FPSOs.

Between 2016 and 2018, the business' average annual earnings before interest, tax, depreciation and amortisation were £3.1m.

Chief executive Nick Henry said: "The acquisition of Continental in Brazil increases our presence in this important and growing market for subsea services.

"The combination of Continental's reputation for safety and reliable service delivery and James Fisher's more extensive IRM capabilities provides strong opportunities in one of the group's key geographic growth markets."

As of 0815 BST, James Fisher shares were untraded at 1,964p.