Enshore Subsea unveils growth and jobs plan in Al Gihaz Contracting joint venture

Bosses behind a subsea engineering firm have agreed a joint venture they say will create jobs and make the company the “contractor’s contractor of choice”.

Enshore Subsea Limited’s assets, intellectual property and management systems have been acquired by Al Gihaz Contracting.

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

They say the joint venture aims to form a “leading seabed intervention and construction management services provider”, which will support the international energy industry and aid Saudi Arabia’s drive to generate increased amounts of clean energy.

Based at the Port of Blyth, and aiming to employ 40 people by the end of 2021, they say Enshore Subsea will also supply services into the Northern European offshore wind industry, such as subsea engineering and construction management, and the development of seabed tooling technology.

Managing director Pierre 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.

“We aim to be the contractor’s contractor of choice, supporting seabed intervention projects worldwide.”

Sami Alangari, group vice chairman of Al Gihaz Holding – of which Al Gihaz Contracting is a part – added: “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.”

Corporate finance and tax advice on the deal was provided by Newcastle-based Ryecroft Glenton.

Led by Ryecroft Glenton Corporate Finance partner Nick Johnson and tax partner Simon Whiteside, it was supported by Ryecroft Glenton Corporate Finance executive Tom Cosby and tax director Liz Rothery.

Legal advice was provided by Square One Law’s corporate partner John Hammill and senior partner Ian Gilthorpe.

Nick said: “This new joint venture creates a robust and flexible business that will make a major contribution to the North East’s extensive subsea expertise and take advantage of skills that have been developed locally and deployed globally for more than 40 years.”

John added: “Enshore Subsea’s management team and workforce have an enviable track record for the development of innovative subsea technology and successful project delivery.”