Al Gihaz acquires Enshore Subsea
By Leila Steed07 April 2021
Al Gihaz Contracting – part of Saudi investment firm Al Gihaz Holding – has completed its acquisition of UK-based subsea trenching firm Enshore Subsea for an undisclosed amount.
The company said its acquisition of the specialist firm would enable it to create a new joint venture company, which will offer seabed intervention and construction management services.
Sami Alangari, group vice chairman of Al Gihaz Holding, said, “With this acquisition, Enshore Subsea will benefit from the technical and financial expertise of Al Gihaz Contracting, which for many years has been a leading power and manufacturing services provider locally and internationally.”
According to Al Gihaz, its new JV will cater to “mega-projects” around the world. It services will include subsea engineering and construction management, skilled manpower supply and equipment rental for subsea trenching and intervention.
The deal includes all of Enshore’s assets, intellectual property and management systems, and will also see its existing management and operational teams remain in place.
Pierre Boyde, managing director of Enshore Subsea, said, “I am delighted that through this cooperation with Al Gihaz, we are able to take the company forward with a sustainable cost base, renewed energy and focus on our areas of expertise. We aim to be the Contractor’s contractor of choice, supporting seabed intervention projects worldwide.”
Enshore’s teams will continue to be based at the company’s UK facilities at the Port of Blyth, which is located north of Newcastle. Al Gihaz said the facility was “ideally located” to provide services to the Northern European offshore wind market.
“We will be able to provide competitive, resilient and diverse services to cover projects globally, and in the Kingdom of Saudi Arabia. This investment is in line with the Vision 2030 of the Kingdom and will pave the way for a strong involvement of the Group in this field,” said Alangari.