Marine services firm lands £30m contract in Korea
A subsidiary of marine services firm James Fisher and Sons has landed a £30m contract in Korea.
The Cumbrian company has announced that its subsidiary JFD has been awarded the contract by Daewoo Shipbuilding & Marine Engineering.
The contract is for the design, construction and delivery of a third generation deep search and rescue vehicle for the Korean navy, together with training and in-service support.
The vehicle will be delivered in 2021.
Nick Henry, chief executive of JFS, said: “JFD delivered the first deep search and rescue system to the Korean navy in 2009 and this additional capability further demonstrates our position of market leadership in the submarine rescue market.
“The vehicle is a variation of the two third generation vehicles recently delivered to the Indian navy.”
Earlier this month it was announced that the chief executive of James Fisher and Sons is to step down after 15 years.
Nick Henry told the firm’s board that he plans to retire by the end of 2019 after 16 years with the business.
Malcolm Paul, chairman of James Fisher, added: “Nick’s track record as chief executive speaks for itself.
“He has overseen strong organic growth, particularly in our marine support and specialist technical divisions, and successfully completed a number of niche acquisitions.
“Nick will continue to deliver our consistent strategy during the coming financial year as we manage the transition to a new leadership.”
The company saw an increase in profits and revenue for the first half of this year.
It saw a 12 per cent growth in revenue from £232.5m in the first six months of 2017, to £260.5m in the same period this year.
With underlying profits in the first half of the year at £24.5m –18 per cent up on last year’s £20.7m – the company said it was looking forward to a strong second half year as it looks to deliver a major submarine project for the Indian Navy.
Earlier this year, James Fisher’s marine services division announced a £50m 10-year contract with an unnamed energy company.
