Saudi's Al Gihaz acquires UK's Enshore Subsea

Saudi construction firm Al Gihaz has acquired UK-based subsea trenching firm Enshore Subsea for an undisclosed amount as the company attempts to create a joint venture into seabed intervention and construction management.

The new joint venture will cater to a series of "megaprojects" around the world, including subsea engineering and seafloor management, the company has announced.

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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.

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.”

Despite the acquisition, Enshore’s teams will continue to be based at the company’s UK facilities at the Port of Blyth, just north of Newcastle.

Al Gihaz said the facility was “ideally located” to provide services to the Northern European offshore wind market.

The expertise of the existing management and operational teams from Enshore Subsea Ltd will remain with this joint venture.

Enshore's managing director Pierre Boyde said the acquisition will allow his company to continue with a sustainable cost case.

He added: "I am delighted that through this cooperation with Al Gihaz. We are able to take this company forward with [...] renewed energy and focus on our areas of expertise. We aim to be the Contractor's contractor of choice, supporting seabed intervention projects worldwide."

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This latest acquisition from Al Gihaz Holding further supports the strategic ambitions of the Group to be at the forefront of new and clean technologies and follows multiple investments in solar and wind power plants in different regions of the world.

The group also hopes to break into other industries, particularly related to the Industrial Internet of Things, smart meters and energy efficiency measures in its native Saudi Arabia.

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