James Fisher's activities in our core markets are inextricably linked to environmental considerations related to climate change and the energy transition.

This creates specific risks and opportunities that, when properly managed, open new markets and revenue streams.

Over the past 10+ years, we have strategically funded environmentally sustainable growth by actively reinvesting cash from our legacy position in oil and gas into both established and growing positions in the renewable energy and environmental remediation value chains.

Our focus during 2023 has been to align the organisation with our "One James Fisher" model. This will allow us to harness our collective strength in order to achieve a safe, sustainable transition to a low-carbon future.

Offshore wind is an important growth area for James Fisher and we will centre our expertise around installation, commissioning and Operations and Maintenance services.

Technology innovation remains key to meeting our own and customers' sustainability ambitions. We will be working closely with the newly appointed Chief Digital Officer and Chief Technology Officer through a shared drive to pioneer innovative and sustainable solutions and services and maintain our position as a trusted partner.

In line with our stated objectives and target, we developed and deployed a set of clear tests underpinned by well-established frameworks to assess all businesses within our portfolio.

In 2023 our revenue from renewables and remediation was 16.4 percent and we expect this to rise again in 2024.

James Fisher Renewables (JFR) is overseeing critical testing and termination services at State of New York’s first offshore wind farm, working with offshore wind leader Ørsted and their joint venture partner, Eversource.

During the summer the big bubble curtain solution was utilised during the installation phase. Using new technology developed in-house, the big bubble curtain created a barrier surrounding the piling of the wind turbine foundations, attenuating noise by up to 90 percent and protecting marine wildlife.

A multi-million-pound contract was secured in 2023 at Triton Knoll offshore transmission (OFTO) project located in the UK, with the offshore platform 20 miles off the coast in the North Sea. We will provide complete end-to-end operations and maintenance (O&M) services to support informed decision-making for the OFTO, owned by funds managed by Equitix and TEPCO Power Grid UK.

We will operate, control and monitor critical assets through our 24/7 High Voltage Control Centre, and will implement a proactive approach to condition monitoring. This will ensure continued high voltage transmission availability and reduce unplanned outages; mitigating potentially significant financial consequences and impact on progress towards net zero emissions.

The contract will also see the team support Triton Knoll OFTO, ensuring the safety of the system is in line with high-voltage (HV) safety rules, which have been developed and tailored by the James Fisher team.