Al Gihaz Holding (KSA) Completes Investment in Enshore Subsea (UK)
RIYADH, Saudi Arabia, April 6, 2021 /PRNewswire/ -- Al Gihaz Contracting, part of Al Gihaz Holding has today announced its acquisition of assets, Intellectual Property and the management systems of Enshore Subsea Ltd, a leading UK based subsea trenching company, providing seabed intervention services to mega-projects across industry around the world.
The acquisition will see the creation of a new joint venture with the aim of forming a leading seabed intervention and construction management services provider. The joint venture will rely on the acquired specialized assets of the company, the skilled team and the company's successful track record of completed projects to aid the Kingdom of Saudi Arabia's drive to generating 58.7GW of clean energy by 2030 as part of the powerful Saudi Vision 2030.
Sami Alangari, Group Vice Chairman, Al Gihaz Holding said of the deal; "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. 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."
Enshore Subsea will be based out of the existing operational facility in the United Kingdom's Port of Blyth, which is ideally located to serve the buoyant Northern European offshore wind market and is supported by a skills base that facilitates the supply of services into the global offshore seabed intervention market. Services will include subsea engineering and construction management, skilled manpower supply and equipment rental for subsea trenching, seabed intervention, development of seabed tooling technology and submarine flexible product installation.
The expertise of the existing management and operational teams from Enshore Subsea Ltd will remain with this Joint Venture.
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."
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 has also been active in smart meters, IoT and energy efficiency projects in the Kingdom in recent years.
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