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James Fisher acquires Mojo Maritime

4C Offshore | Tom Russell
By: Tom Russell 06/05/2015 James Fisher
James Fisher ("James Fisher" or the "Group") announces the acquisition of the entire share capital of Mojo Maritime Limited ("MML" or the "Company").

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.  The Company is involved in foundation design, installation methodology and project planning, as well as designing and developing products, some of which have been patented, aimed at reducing risk and cost of working offshore.

Richard Parkinson, CEO of MML commented: “We are delighted to be joining James Fisher, the teams from both sides having worked incredibly well together in recent collaborations. Being part of the group means that Mojo is able to undertake larger and more complex marine projects and can leverage the capabilities of the wider James Fisher organisation.”

James Fisher acquire Mojo MaritimeRichard Parkinson and his team will all continue with the Company.

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

Nick Henry, CEO of James Fisher, said: "The acquisition of MML will strengthen our expertise and abilities in servicing the offshore renewables sector. We are delighted to welcome Richard and his team to our Group."

MML has successfully co-operated on a number of projects with group companies to date and currently has a sub-contract with James Fisher Marine Services (“JFMS”) under which MML and JFMS are working closely together on the construction phase of the MeyGen Inner Sound tidal project.

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