Tekmar Group, the UK-based subsea cable protection provider, has successfully secured the remaining 20% stake in Ryder Geotechnical Limited, an expert in geotechnical design and consulting services for the offshore oil and gas and renewables sectors.
The transaction, facilitated by Tekmar's wholly owned subsidiary AgileTek Engineering, follows the acquisition of an 80% interest in Ryder Geotechnical Limited in 2019 from Nigel Jeremy Martin and Fraser Gibson, both current directors of the company.
The outstanding shares will now be acquired from Martin and Gibson for GBP 200,000 (USD 244,850/EUR 229,475). A cash payment of GBP 150,000 will be made upon completion, with the remainder to be provided in Tekmar shares on the first and second anniversary of the transaction, contingent on the continued employment of the sellers by the company.
Founded by Fraser Gibson in 2016, UK-based Ryder specializes in foundation design, mooring solutions, jack-up analysis, pipelines, and cables, among other services. In the fiscal year ending on September 30, 2022, Ryder Geotechnical Limited reported a profit before tax of GBP 101,000 and net assets amounting to GBP 276,000.
This strategic move strengthens Tekmar's position in the offshore industry and aligns with its commitment to expanding capabilities in geotechnical design and consulting services.