Barrow-based firm James Fisher and Sons has announced another international acquisition, worth £7.5 million.

It released a statement saying it had acquired 60 per cent of the Brazilian Continental Participação E Administração, the holding company of Serviços Marítimos Continental SA, for a total cash consideration of £7.5 million.

It said £4.9m was payable on completion and £2.6m payable in January 2022.

Continental is an established air diving service provider to the offshore oil sector in Brazil.

Based in Rio de Janeiro State, Continental provides inspection, repair and maintenance services to offshore oil terminals.

Between 2016 and 2018 the average annual earnings before interest, tax, depreciation and amortisation of Continental were £3.1m.

Afonso Ritzmann will continue as its managing director, and retains a 40 per cent interest.

Nick Henry, chief executive of James Fisher, said "The acquisition of Continental in Brazil increases our presence in this important and growing market for subsea services.

"The combination of Continental's reputation for safety and reliable service delivery and James Fisher's more extensive IRM capabilities provides strong opportunities in one of the group's key geographic growth markets.

"We look forward to working with Afonso and his team in driving this forward."

Earlier this year, the group completed the acquisitions of marine firm Martek for £9m and Saudi Arabian business Murjan Al-Sharq for Marine Contracting for £4.1m.

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 facility in Egremont, where it does the bulk of its nuclear work.