Marine specialist puts brave face on oil market slump

MARINE specialist James Fisher and Sons is continuing to battle the consequences of the weak offshore oil markets, but has reported trading in line with management expectations.

Ahead of its annual meeting today, the listed Barrow-in-Furness company said its marine support and specialist technical and tankships divisions were trading well.

Since the start of the year, the group has been awarded a number of significant long-term contracts – the Galloper Wind Farm contract in February; the Indian Navy Submarine Rescue contract in March and the Winfrith Reactor Decommissioning contract earlier this week.

JFS said the projects were important milestones in the group’s strategic development and they will begin to contribute significantly from the second half of the financial year.

A statement said: “With a strong financial position and robust business model, the board believes that James Fisher continues to be well placed to provide further growth and value for its shareholders.”

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