Northumberland subsea firm acquired by Middle East energy specialist

A North East subsea specialist has been acquired by a Middle Eastern energy firm.

Subsea trenching company Enshore Subsea Ltd has been acquired by Al Gihaz Contracting, part of Al Gihaz Holding.

Based at Port of Blyth, Enshore Subsea specialises in providing seabed intervention services to international mega-projects.

A trio of subsea industry specialists worked with Al Gihaz to create the new joint venture with the aim of forming a seabed intervention and construction management services provider. Led by the local management directors Pierre Boyde, Wayne Pullen and William Stephenson, the new company will trade under the Enshore Subsea name.

Led by the local management directors Pierre Boyde, Wayne Pullen and William Stephenson the new company will trade under the Enshore Subsea name.

Pierre Boyde, managing director of Enshore Subsea, commented: “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.”

Sami Alangari, group vice chairman of Al Gihaz Holding, commented: “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.”

Corporate Finance and Tax advice was provided to Pierre, William and Wayne by Newcastle-based Ryecroft Glenton. Legal advice to the directors was provided by commercial law firm Square One Law’s corporate partner John Hammill and senior partner Ian Gilthorpe.

John Hammill, corporate partner at Square One Law, added: “Enshore Subsea’s management team and workforce have an enviable track record for the development of innovative subsea technology and successful project delivery.

“Working closely with Al Gihaz Holding, the new company can build on this reputation and expand its presence in key subsea markets, most notably the offshore wind sector, including supporting the Kingdom of Saudi Arabia’s plans to generate substantial levels of green energy.”

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