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