Saudi Arabia-based Al Gihaz Holding's contracting unit has bought the assets of Enshore Subsea, a UK-based company that provides subsea trenching services to offshore projects around the world.
The deal will lead to the creation of a new joint venture that will provide seabed intervention and construction management services to major projects. It will also help in the kingdom's drive to generate 58.7 gigawatts of clean energy through major solar and wind projects, the company said.
"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,” Sami Alangari, group vice chairman of Al Gihaz Holding, said.
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.
“I am delighted that through this co-operation 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," said Enshore Subsea's managing director Pierre Boyde.