James Fisher Broadens OW Business Range by Acquiring Blade Repair Company
The acquisition marks the latest expansion of the range of services James Fisher offers to the offshore wind market, after the company took over Hughes Sub Surface Engineering Limited (HSSE) last year.
For Rotos 360, established in 2013 as part of a UK Government-funded research project to reduce the O&M cost of offshore wind turbines, James Fisher will pay GBP 1.5 million with potential further consideration of up to GBP 5 million, subject to profit targets for the three years ending 31 December 2019.
Nick Henry, Chief Executive Officer of James Fisher, said: "The acquisition of Rotos360 provides James Fisher with market leading capability in wind turbine blade repair, further broadening its offering in the growing offshore wind farm sector."
In its recently published 2016 annual results, James Fisher said the award of the Galloper offshore wind farm contract and the acquisition of HSSE marked a significant step up in its presence in the growing renewables market though its Marine Support division.
In 2016, the division saw a 5% revenue increase with marine services in offshore wind and tidal energy sectors yielding a 40% higher revenue. The company further noted that its strongest growth opportunities are in the Marine Support and Specialist Technical business units, which have started 2017 with strong order books and a number of active prospects.
When it comes to Rotos 360's recent work, the company, together with CWind, provided blade repair and maritime logistics services for an unnamed offshore wind project last year, working out of the port of Grimsby in the UK.