Acquisition

RNS Number : 1668G

Braemar Shipping Services PLC

09 May 2011

 



BRAEMAR SHIPPING SERVICES PLC

9 May 2011

PURCHASE OF THE BUSINESS AND CERTAIN ASSETS OF BMT MARINE AND OFFSHORE SURVEYS LIMITED

Braemar is pleased to announce the purchase of the business and certain assets of BMT Marine and Offshore Surveys Limited ("BMTMOS") on 6^th May 2011 from the Administrator, Deloitte.

BMTMOS provides Hull and Machinery, P&I and Marine Warranty survey services around the globe; clients operate primarily in the insurance, shipping and offshore industries.

BMTMOS has 94 employees, most of whom are marine surveyors, who operate from 21 offices around the world.  Going forward the business will join with the established marine survey operations of the group's technical division and will trade under the Braemar name.

The cash consideration for the transaction was £2.4 million, paid on completion. In its financial year to 30 September 2010 BMTMOS reported a normalised EBITDA of £0.9 million, and at that date the book value of assets acquired was £3.5 million.

Braemar CEO, Alan Marsh, said "This is a very exciting development for the technical division of Braemar Shipping Services Plc Group, enabling us to deliver a truly global service to our clients".

For further information, contact:

Braemar Shipping Services Quentin Soanes James Kidwell	Tel [phone] Tel [phone]
Pelham Bell Pottinger Damian Beeley Zoe Pocock	Tel [phone] Tel [phone]
Elaborate Communications Sean Moloney	Tel [phone]
Arbuthnot Securities Limited Nick Tulloch Henry Willcocks	Tel [phone] Tel [phone]

 

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