Singapores Lexmar Becomes Part of James Fisher

Lexmar UK marine services provider James Fisher has acquired the entire share capital of Singapores Lexmar Engineering Pte Limited and Lexmar Sat Systems Pte Limited that provide diving equipment and saturated diving systems. The initial consideration is SGD 17.5 million (USD 13 million) in cash, with future consideration of up to SGD 9.3 million subject to the successful completion of certain projects. The consideration is based on net cash held by Lexmar at the acquisition of SGD 8.8 million, according to James Fisher. Lexmars business, which is said to be complementary to JFD, a part of James Fisher, is currently completing three 18 man twin bell saturation diving systems. Lexmars profit after taxation for the year ended 31 December 2015 was SGD 3.9 million and combined net assets were SGD 8.9 million. The acquisition of Lexmar will strengthen our specialist diving equipment services and is well located to access the strategically important Asia Pacific region, Nick Henry, Chief Executive Officer of James Fisher, said. JFD is currently completing two saturation diving systems and commissioning is underway in both Norway and Baku.