StockMarketWire.com - James Fisher and Sons acquired a 60% stake in Brazil-based Continental Participação E Administração for £7.5m in cash.

Continental, an established air diving service provider to the offshore oil sector in Brazil, provided inspection, repair and maintenance services to offshore oil terminals, primarily FPSOs, the company said.

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

Afonso Ritzmann would continue as Managing Director of Continental, and retain a 40% interest, which is subject to a put and call option that can be exercised between 2022 and 2026.

Under the terms of the deal, £4.9m would be payable on completion and £2.6m payable in January 2022.

'The acquisition of Continental in Brazil increases our presence in this important and growing market for subsea services,' said Nick Henry, Chief Executive Officer of James Fisher.





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