Cumbrian firm James Fisher and Sons has bought out a marine company for £9 million.

The deal for Martek, founded in Rotherham in 2000, also includes potential further consideration of up to £1m, subject to a profit target for 2020.

Martek provides a range of innovative safety and calibration systems and products to the marine sector.

James Fisher, which has a base in Barrow, said: "Unaudited profit after tax, of Martek for the year ending February 28 2018 was £1.8m and gross assets were £7.2m."

Nick Henry, chief executive of James Fisher, said:"The acquisition of Martek further enhances James Fisher's capability to offer innovative solutions to the marine sector and provides a proven channel to market for the group's adjacent products and services.

"We are very pleased to welcome Martek's team to the group and look forward to a successful future together."

James Fisher has also acquired 60 per cent of Saudi Arabian business Murjan Al-Sharq for Marine Contracting for £4.1 million.

There is potential further consideration of up to £4.5m, subject to profit targets.

MSMC was established in 2010 by Abdullah Akbar Natheer, provides near shore marine construction and maintenance services.

Audited profit after tax of MSMC for the year ending December 31 2017 was £1.4m and unaudited gross assets were £10m.

The 40 per cent minority interest of MSMC has been retained by Mr Natheer.

James Fisher said it will work with him to grow MSMC and secure a leadership position in its chosen markets.

Last year, James Fisher’s marine services division scooped a £50 million 10-year contract with an unnamed energy company and its subsidiary JFD was awarded a £30m contract by Daewoo Shipbuilding & Marine Engineering to design, construct and deliver a third generation deep search and rescue vehicle for the Korean navy.

Mr Henry is to step down as chief executive after 15 years in the role and 16 with the firm.

He plans to retire by the end of December 2019.

James Fisher was founded in 1847 in Barrow as a ship-owning business transporting haematite from quarries in Cumbria around the world.

It also has a base in Egremont.