James Fisher and Sons PLC, the marine service provider, announced the sale of three businesses in two separate transactions.
Firstly, it said it sold Mimic and the UK operations of Strainstall to BES for £13.6mln, with up to a further £3.9mln available based on performance in the last quarter of this year.
Both businesses' results are reported in the Marine Support division. However, the business felt a sale was necessary in line with its strategy to rationalise and focus its portfolio.
Separately, it sold Prolec to Kinshofer, part of Lifco.
Prolec contributed revenues of £4mln to the Marine Support division last year.
Current management and staff will transition with the business to the new owners.
“We believe the transactions represent good value for James Fisher's shareholders and in BES and Lifco, we have found buyers of quality,” said James Fisher chief executive Jean Vernet.
“We wish them and the staff at each of the businesses continued success and thank them for their hard work and dedication to James Fisher over many years."