04/19/2021 | Press release | Distributed by Public on 04/19/2021 05:00
Eversheds Sutherland has advised Al Gihaz Contracting, part of Saudi-based Al Gihaz Holding, on the acquisition of assets, intellectual property and the management systems of subsea trenching company Enshore Subsea.
Al Gihaz Contracting was established in 1975 and is a major firm in the Saudi Arabian power market. Its core business is the implementation of integrated HV substations, medium and low voltage distribution networks, as well as overhead and underground power line projects.
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.
The joint venture will aid the Kingdom of Saudi Arabia's drive to generating 58.7GW of clean energy by 2030 as part of the Saudi Vision 2030.
Eversheds Sutherland advised Al Gihaz Contracting on all aspects of the transaction including on the corporate and financing aspects.
The Eversheds Sutherland team was led by Iwan Walters (Partner), with support provided by Ashley Halewood (Partner), David Tan (Senior Associate), Josh Cosoff (Senior Associate), Peter Graystone (Associate) and Jasper Schnippers (Associate).
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