Acquisition (1668G)

TIDMBMS

RNS Number : 1668G

Braemar Shipping Services PLC

09 May 2011

BRAEMAR SHIPPING SERVICES PLC

9 May 2011

PURCHASE OF THE BUSINESS AND CERTAIN ASSETS OF BMT MARINE AND OFFSHORE SURVEYS LIMITED

Braemar is pleased to announce the purchase of the business and certain assets of BMT Marine and Offshore Surveys Limited ("BMTMOS") on 6(th) May 2011 from the Administrator, Deloitte.

BMTMOS provides Hull and Machinery, P&I and Marine Warranty survey services around the globe; clients operate primarily in the insurance, shipping and offshore industries.

BMTMOS has 94 employees, most of whom are marine surveyors, who operate from 21 offices around the world. Going forward the business will join with the established marine survey operations of the group's technical division and will trade under the Braemar name.

The cash consideration for the transaction was GBP2.4 million, paid on completion. In its financial year to 30 September 2010 BMTMOS reported a normalised EBITDA of GBP0.9 million, and at that date the book value of assets acquired was GBP3.5 million.

Braemar CEO, Alan Marsh, said "This is a very exciting development for the technical division of Braemar Shipping Services Plc Group, enabling us to deliver a truly global service to our clients".

For further information, contact:

 
 Braemar Shipping Services       Tel +44 (0) 20 7535 2650 
  Quentin Soanes                 Tel +44 (0) 20 7535 2881 
  James Kidwell 
 
 Pelham Bell Pottinger           Tel +44 (0) 20 7861 3139 
  Damian Beeley                  Tel +44 (0) 20 7861 3961 
  Zoe Pocock 
 
 Elaborate Communications         Tel +44 (0) 1296 682356 
  Sean Moloney 
 
 Arbuthnot Securities Limited    Tel +44 (0) 20 7012 2158 
  Nick Tulloch                   Tel +44 (0) 20 7012 2106 
  Henry Willcocks

This information is provided by RNS

The company news service from the London Stock Exchange

END

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