James Fisher Group has acquired Lexmar Sat Systems for up to US$20 million.
Founded in Singapore in 1996, Lexmar is a specialist provider of service and support of diving equipment and saturated diving systems.
James Fisher will pay US$13.07 million (S$17.5 million) in cash, with further future consideration of up to $6.95 (S$9.3 million) subject to the conditions.
The business is completing three, 18-man twin-bell saturation diving systems and is complementary to JFD, within James Fisher's Specialist Technical division, says the group.
Lexmar's profit after taxation for the year ended 31 December 2015 was $2.91 million (S$3.9 million).
Nick Henry, CEO of James Fisher, said: "The acquisition of Lexmar will strengthen our specialist diving equipment services and is well located to access the strategically important Asia Pacific region. We are delighted to welcome Lexmar to the group."
E C Hambro Rabben & Partners has acted as corporate adviser to James Fisher and Sons.
Earlier this year, James Fisher acquired Aberdeen-based visualization and asset management firm R2S.