£34m deal for dive-support vessel means Bibby can create 240 jobs

Bibby Offshore, a provider of subsea construction and offshore management services, has secured the loan facility from Standard Chartered Bank to fully fund the acquisition of the vessel, Bibby Sapphire, which has been on charter from Volstad for five years.

Chief executive Howard Woodcock said: "The purchase of Bibby Sapphire marks a 20-plus-year commitment by our shareholders to this business.

"It secures our asset base for the long term, allowing us to progress our growth strategy of expanding our services and capabilities in the North Sea, Trinidad, South-east Asia and beyond."

The majority of the marine crew are already Bibby Ship Management employees, so continuity of staff will be maintained when the vessel's ownership transfers next week.

The acquisition follows the recent announcement that Bibby Offshore is now fully certified by the International Marine Contractors' Association to undertake its own diving operations.

The company, established in 2003 and now employing 130, is owned by Bibby Line Group, which can trace its roots back to 1807 when it was founded by John Bibby in Liverpool, where it is still headquartered. It has traditionally outsourced diving operations, but after buying the Sapphire it is now recruiting its own divers. It expects to fill 80 positions by October and a further 160 by the end of the year.

"The arrival of Sapphire into our fleet of owned vessels, and the recent creation of our own in-house diving capability are two very important step changes in our evolution," said Woodcock.