Business buoyant for marine service specialist James Fisher

A submarine James Fisher provided for a South Korean client

Barrow-in-Furness-based marine service specialist James Fisher and Sons announced a number of contract wins in its trading update today, ahead of its annual general meeting.

The firm said trading is in line with management expectations with its three divisions, marine support, specialist technical and tankships continuing to trade well and with offshore oil showing signs of recovery.

It said the first four months of the year have seen a significant number of contract wins for the marine services and offshore renewables activities in the marine support division.

The JFD subsidiary in specialist technical delivered the first of two rescue submarines and associated equipment to the Indian Navy on time and have received the major milestone payment of £24.5m linked to the delivery.

New contracts for JFD’s swimmer delivery vehicles have firmed up this business’ medium term outlook, the company said.

In offshore oil, orders received for the maintenance and repair services have increased from April, while the downhole connectors business has shown good growth since the start of the year.

The statement said: “Looking ahead, all four of our divisions appear well set with marine support and offshore oil leading the way.

“The board, therefore, believes that the group’s outlook for the year is positive and that James Fisher continues to be well placed to provide further growth and value for shareholders.”

At the end of today’s AGM, Charles Rice will retire as chairman and be succeeded by Malcolm Paul.

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