BRAEMAR SHIPPING SERVICES PLC
20 March 2014
Disposal of Casbarian
Braemar Shipping Services plc ("Braemar", "the Company" or the "Group"), an international provider of shipping, marine and energy services, announces the sale of Casbarian Inc. ("Casbarian"), its US based technical services subsidiary.
Braemar has completed the sale of its Casbarian subsidiary to the management of Casbarian. Following the recent performance of Casbarian, Braemar undertook a review of its operations and concluded that the strategic fit with the Braemar Technical Services division was not sufficiently strong to justify future investment. Accordingly the decision was taken to exit the business.
In the year ended 28 February 2013, Casbarian generated revenue of £4.1m and recorded a loss before interest and tax of £0.4m. The sale will result in a loss on disposal of £0.9m.
James Kidwell, chief executive officer of Braemar, commenting on this development said:
"The Board has acted quickly and decisively to dispose of the Casbarian operations in the US, which were responsible for the expected underperformance highlighted in our interim management statement of 17 January 2014."
ENDS
For further information, contact:
Braemar Shipping Services |
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James Kidwell |
Tel +44 (0) 20 7535 2881 |
Martin Beer |
Tel +44 (0) 20 7903 2654 |
Bell Pottinger |
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Gavin Davis |
Tel +44 (0) 20 7861 3159 |
Zoe Pocock |
Tel +44 (0) 20 7861 3961 |
Westhouse Securities |
|
Robert Finlay / Antonio Bossi / Paul Gillam |
Tel +44 (0) 20 7601 6100 |
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Notes to editors
Braemar Shipping Services plc is a leading international provider of broking, consultancy, technical, logistics and other services to the shipping, marine and energy industries. The business is organised into the following segments: Shipbroking, Technical, Logistics and Environmental.
It is listed on the Official List of the London Stock Exchange in the Industrial Transport sector.
