Revenues increase at marine engineering firm

Marine engineering firm James Fisher says revenues have increased by 14% over the last 12 months.

The firm, which is based in Barrow-in-Furness in Cumbria, has published a trading update for the last ten months.

The firm’s Marine Support division continues to show good growth from its services to the renewables sector and from global ship to ship services.

The company has secured all three five-year maintenance contracts covering topside, subsea and high voltage services for the London Array, 175 turbine, 630 megawatt, offshore wind farm.

Specialist Technical has now completed the sea trials for the first submarine rescue vessel that was delivered to the Indian Navy in March and the associated milestone payment is expected to be received shortly.

The second vessel is currently passing through factory acceptance testing and is due to be shipped by the end of November.

The Offshore Oil division performed marginally better than expectations in the period. The levels of vessel utilisation that were achieved by the Tankships division in the first half continued into the third quarter.

The company said James Fisher continues to make good progress and the outlook for the year remains unchanged.