Disposal of Casbarian

RNS Number : 7406C

Braemar Shipping Services PLC

20 March 2014

 



 

BRAEMAR SHIPPING SERVICES PLC

20 March 2014

 

Disposal of Casbarian

 

Braemar Shipping Services plc ("Braemar", "the Company" or the "Group"), an international provider of shipping, marine and energy services, announces the sale of Casbarian Inc. ("Casbarian"), its US based technical services subsidiary.

Braemar has completed the sale of its Casbarian subsidiary to the management of Casbarian. Following the recent performance of Casbarian, Braemar undertook a review of its operations and concluded that the strategic fit with the Braemar Technical Services division was not sufficiently strong to justify future investment. Accordingly the decision was taken to exit the business.

In the year ended 28 February 2013, Casbarian generated revenue of £4.1m and recorded a loss before interest and tax of £0.4m. The sale will result in a loss on disposal of £0.9m.

James Kidwell, chief executive officer of Braemar, commenting on this development said:

"The Board has acted quickly and decisively to dispose of the Casbarian operations in the US, which were responsible for the expected underperformance highlighted in our interim management statement of 17 January 2014."

ENDS

For further information, contact:

Braemar Shipping Services
James Kidwell	Tel [phone]
Martin Beer	Tel [phone]
Bell Pottinger
Gavin Davis	Tel [phone]
Zoe Pocock	Tel [phone]
Westhouse Securities
Robert Finlay / Antonio Bossi / Paul Gillam	Tel [phone]

Notes to editors

Braemar Shipping Services plc is a leading international provider of broking, consultancy, technical, logistics and other services to the shipping, marine and energy industries. The business is organised into the following segments:  Shipbroking, Technical, Logistics and Environmental.

It is listed on the Official List of the London Stock Exchange in the Industrial Transport sector.

 

END

 

 

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