Al Gihaz Contracting, part of Saudi Arabia-headquartered Al Gihaz Holding, has acquired the assets, intellectual property and management system of a subsea trenching company based in Blyth.
Enshore Subsea saved from closure after being acquired by Saudi energy firm
The company had been earmarked for closure by its owner DeepOcean
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The future of North East offshore specialist Enshore Subsea has been secured after the company was snapped up by a Saudi Arabian energy company.
Al Gihaz acquires Enshore Subsea khl.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from khl.com Daily Mail and Mail on Sunday newspapers.
Saudi-based Al Gihaz Contracting has announced the acquisition of Enshore Subsea, a UK-based subsea trenching company. This will pave the way for creation of a new joint venture that will offer seabed intervention and construction management services.
Al Gihaz Holding was founded by Saeed Al Angari in 1975 and the group has interests in a number of sectors including energy, healthcare, construction services, media and exhibitions technology and telecommunications, including smart metering services.
Enshore Subsea is based in the Port of Blyth on England s north east coast. It had been owned by Norway-based subsea services provider Deepocean but it placed all of its UK assets into a restructuring process in November last year.
The company s location is ideal to serve the buoyant offshore wind market in northern Europe and its existing management will remain with the new joint venture, Al Ghizal Holding said.