Al Gihaz Holding has acquired assets, IP and the management systems of Enshore Subsea, a UK-based subsea trenching outfit working in the offshore wind industry.
The acquisition will enable the creation of a new joint venture with the aim of forming a “leading seabed intervention and construction management services provider”.
Enshore Subsea will be based out of the existing operational facility in the UK’s Port of Blyth, which is ideally located to serve the buoyant Northern European offshore wind market and is supported by a skills base that facilitates the supply of services into the global offshore seabed intervention market.
The joint venture will rely on the acquired specialised assets of Enshore Subsea, its skilled team, plus the company’s successful track record of completed projects, to aid Saudi Arabia’s drive to generate 58.7GW of clean energy by 2030.
Al Gihaz Holding group vice chairman Sami Alangari said: “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.”
Services will include subsea engineering and construction management, skilled manpower supply and equipment rental for subsea trenching, seabed intervention, development of seabed tooling technology and submarine flexible product installation.
Enshore Subsea managing director Pierre Boyde said: “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.”