James Fisher to Obtain Mojo

James Fisher will acquire the entire share capital of Mojo Maritime Limited (MML), the company said this morning.

The initial consideration is £3.2m in cash, plus potential future consideration of £0.3m if the earnings before interest and taxation are £0.65m or greater for the year ending 31 December 2015.

Founded in Falmouth ten years ago by Richard Parkinson, CEO, MML is a specialist provider of consultancy and design services in the offshore renewable energy sector. Richard Parkinson and his team will all continue with the Company.

MML has entered into a licence agreement with a company owned by the selling shareholders through which they will benefit from a one third share of licence fees for the construction of up to 10 high performance dynamic positioning vessels for offshore wind farm construction and maintenance.

MML also has a sub-contract with James Fisher Marine Services for approximately £1.2m, under which the two companies are working closely together on the construction phase of the MeyGen Inner Sound tidal project.

E C Hambro Rabben & Partners has acted as corporate adviser to James Fisher and Sons plc.

Image: Mojo Maritime

Related news

List of related news articles

Posted: 7 months ago

Energinet Seeks Heli Services Provider

Danish transmission system operator Energinet has issued a tender searching for a provider of offsho...

Categories:
  • Business & Finance
Posted: 7 months ago
Posted: 7 months ago

Boskalis Appoints New CFO from Within

Royal Boskalis Westminster N.V. has nominated Carlo van Noort to be appointed as Chief Financial Off...

Categories:
  • Business & Finance
Posted: 7 months ago
Posted: 7 months ago

Northwester 2 Reaches Financial Close

Northwester 2 has reached the official close of financial agreements with all key stakeholders and b...

Categories:
  • Business & Finance
Posted: 7 months ago
Posted: 7 months ago

DEME Group to See CEO Switch in 2019

DEME Group has selected Luc Vandenbulcke to succeed Alain Bernard as CEO, effective from 1 January 2...

Categories:
  • Business & Finance
Posted: 7 months ago