REG - Fisher (James) - Mozambique update

James Fisher And SonsAnnouncement

29/12/2021 09:55

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RNS Number : 9428W  Fisher (James) & Sons plc  29 December 2021

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation No 596/2014.

29 December 2021

James Fisher and Sons plc

Mozambique update

James Fisher and Sons plc (FSJ.L) ('James Fisher', 'the Group'), the leading
marine service provider, today confirms that it has received all outstanding
funds relating to the suspended LNG project in Mozambique.

·      The funds received reduce net debt and provide further headroom
against the Group's year-end banking covenant tests.

·      The Group has settled all outstanding claims in relation to the
suspended LNG project in Mozambique and accordingly has withdrawn its
arbitration proceedings.

·      The agreement settles claims in relation to work performed before
the suspension of the project and covers the Group's outgoings in relation to
costs incurred during the suspension of the project in 2021.

·      The terms of the settlement also cover the Group's costs through
2022 in the event that the project does not resume in the short term.

The Board reiterates its guidance that Underlying Operating Profit for the
full year, before separately disclosed items, is expected to be in the range
of £27m - £32m, and expects the Group to remain in compliance with its
banking covenants.

 

For further information

 James Fisher and Sons plc  Eoghan O'Lionaird  Chief Executive Officer   020 7614 9508

                            Duncan Kennedy     Chief Financial Officer
 FTI Consulting             Richard Mountain                             020 3727 1340

 

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