Al Gihaz Contracting, part of Saudi-based Al Gihaz Holding, has completed the acquisition of assets, intellectual property and the management systems of subsea trenching company Enshore Subsea.
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 team and the company’s 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 Saudi Vision 2030.
Enshore Subsea will be based out of the existing operational facility in the United Kingdom’s Port of Blyth.
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 will remain with the joint venture, the companies said.
Sami Alangari , Group Vice Chairman at 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”.
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”.
The move follows DeepOcean’s completion of the restructuring and wind down of its UK cable lay and trenching business.
The restructuring process, which started in November last year, involved DeepOcean 1 UK , DeepOcean Subsea Cables and Enshore Subsea .