Braemar Shipping Services in significant step forward with Falconer Bryan deal
09 July 2007
Braemar Shipping Services plc has acquired Singapore based Falconer Bryan Pte Limited.
Falconer Bryan provides a range of Survey, Engineering and Loss Adjusting services to the Marine and Energy Industries, including Loss Prevention surveys such as, towage and transport approvals, location approvals and location moves for mobile offshore drilling units, associated naval architectural/structural engineering support and energy loss adjusting investigation services resulting from an insurable incident. The firm is headquartered in Singapore and operates throughout the Far East from offices in Indonesia, Malaysia, Vietnam, China, India and Australia and employs 90 full time staff the majority of whom are either Class 1 Mariners/Engineers, Structural Engineers, Naval Architects or Loss Adjusters.
In the year to 31 December 2006 Falconer Bryan generated revenues of £4.7 million and pre-tax profits of £1.3 million and its net assets at 31 December 2006 were £3.1 million including cash of £1.7 million.
Falconer Bryan is privately owned and the directors have agreed to continue their existing roles post completion.
Alan Marsh, CEO of Braemar Shipping Services plc said:
“This acquisition represents another significant step towards our strategic goal of building a broadly-based shipping services group. We are pleased with the progress of our technical shipping services business, Wavespec, and the addition of Falconer Bryan will greatly increase our presence in the important Far East market.”
John Falconer, Chairman of Falconer Bryan commented:
"After careful consideration of the best way to take the business forward the Falconer Bryan management and staff are looking forward to joining forces with Braemar and being part of a group with forward thinking and visionary attributes ".
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