Braemar swoops on BMTMOS

Braemar Shipping Services Plc Group has announced what CEO Alan Marsh calls “a very exciting development for the technical division” — the GBP 2.4 million purchase of the business and certain assets of BMT Marine and Offshore Surveys Limited (BMTMOS).

BMTMOS provides Hull and Machinery, P&I and Marine Warranty survey services around the globe; clients operate primarily in the insurance, shipping and offshore industries.

BMTMOS has 94 employees, most of whom are marine surveyors, who operate from 21 offices around the world. Going forward the business will join with the established marine survey operations of the Braemar technical division and will trade under the Braemar name.

Braemar’s history began in the form of three different companies. First, Cory Brothers which was founded in 1842. Second, Seascope, which was formed in 1972. And finally, Braemar, which was formed in 1983. Seascope Shipping listed in 1997, and merged with Braemar in 2001 to form Braemar Seascope. In 2003, Braemar Seascope bought Cory Brothers and in 2007 the name Braemar Shipping Services was adopted.

The company provides broking and consulting services to the global shipping industry across four business segments: shipbroking, logistics, technical services and environmental services. Today it announced full year results for the year ended February 28, 2011 that included revenues of GBP 126.1 million (up from GBP 15 million in 2010 and pretax profits of GBP 14.8 million (2010: GBP 15.0 million).

May 9, 2011