26 November 2018
James Fisher and Sons plc Trading Update
James Fisher and Sons plc (FSJ.L) ('James Fisher' or 'the Group'), the UK's leading marine services company, publishes its trading update for the ten month period ended 31 October 2018.
Revenue for the ten months ended 31 October was 14% ahead of the comparable period last year. Our Marine Support division continues to show good growth from its services to the Renewables sector and from global ship to ship services.
We have now secured all three 5 year maintenance contracts covering topside, subsea and high voltage services for the London Array, 175 turbine, 630 megawatt, offshore wind farm.
Specialist Technical has now completed the sea trials for the first submarine rescue vessel that was delivered to the Indian Navy in March and the associated milestone payment is expected to be received shortly. The second vessel is currently passing through factory acceptance testing and is due to be shipped by the end of November.
Our Offshore Oil division performed marginally better than expectations in the period. The levels of vessel utilisation that were achieved by our Tankships division in the first half continued into the third quarter.
Overall James Fisher continues to make good progress and the outlook for the year remains unchanged.
View the full trading update here.