Sami Alangari, Group Vice Chairman, Al Gihaz Holding
Al Gihaz Contracting, part of Al Gihaz Holding has announced its acquisition of assets, Intellectual Property and the management systems of Enshore Subsea Ltd, a leading UK based subsea trenching company, providing seabed intervention services to mega-projects across industry around the world. Al Gihaz Holding is a leading investment company focusing on energy, healthcare and other sectors.
The acquisition will see the creation of a new joint venture with the aim of forming a leading seabed intervention and construction management services provider. According to the statement, the joint venture will rely on the acquired specialised assets of the company, the skilled team and the company’s successful track record of completed projects to aid the Kingdom of Saudi Arabia’s drive to generating 58.7GW of clean energy by 2030 as part of Saudi Vision 2030.
“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,” said Sami Alangari, Group Vice Chairman, Al Gihaz Holding.
Enshore Subsea will be based out of the existing operational facility in the United Kingdom’s Port of Blyth, which is said to be ideally located to serve the 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. 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. The expertise of the existing management and operational teams from Enshore Subsea Ltd will remain with this joint venture.
“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,” said Pierre Boyde, Managing Director of Enshore Subsea.