REG - Fisher (James) - Swordfish Dive Support Vessel sold for US$24m

James Fisher And SonsAnnouncement

28/12/2022 07:00

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RNS Number : 9727K  Fisher (James) & Sons plc  28 December 2022

This announcement contains inside information

 

28 December 2022

 

James Fisher and Sons plc

Swordfish Dive Support Vessel sold for US$24m

 

James Fisher and Sons plc (FSJ.L) ("James Fisher" or the "Group"), the leading
marine services provider, announces that the Group has entered into a
Memorandum of Agreement (the "Sale Agreement") for the sale of the Subtech
Swordfish Dive Support Vessel (the "Swordfish" or the "Vessel") to Seamec
Limited, a company incorporated in India, for a cash consideration of US$24
million (approximately £19.8 million). The transaction remains subject to
completion of the formal sale process, including issuing of Notice of
Readiness and completion of flag requirements.

 

The Swordfish has been on customer contract with an international energy
services company during 2022, supporting diving activities in the Middle East.
The Sale Agreement allows for the Group to maintain access to the Vessel until
the end of Q3 2023, enabling it to complete existing and potential customer
commitments.

 

The sale of the Swordfish is a further demonstration of the Group's previously
announced asset-light strategy. The Group is establishing partnerships with
vessel owners to facilitate access to multiple dive support vessels in the
region.

 

The Vessel contributed £0.4m in Gross Profit to the Marine Support division
for the year ended 31 December 2021, prior to any allocation of indirect
overheads. The Vessel was designated as held for sale in the Group's 2022
Interim financial statements, with a book value of £13.0m. The proceeds will
be applied to further reduce the Group's net borrowings.

 

 

For further information:

 James Fisher and Sons plc    Jean Vernet         Chief Executive Officer     01229 615400

                              Duncan Kennedy      Chief Financial Officer
 FTI Consulting               Richard Mountain                                0203 727 1340

                              Susanne Yule

 

The person responsible for making this announcement on behalf of the Company
is Duncan Kennedy, Chief Financial Officer, James Fisher and Sons plc.

 

LEI: 213800J975E5OYR6S216

 

 

 

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