Bareboat Charter

Fisher (James) & Sons PLC 10 May 2002 10th May 2002 James Fisher and Sons plc Addition of largest vessel to Tankship Fleet James Fisher and Sons plc, the leading marine services provider, announces that it has entered into Heads of Agreement for a ten-year bareboat charter of the mt Montebello, a 14,122 tonne Clean Petroleum Product Tanker. The vessel, to be renamed Pembroke Fisher, is a modern, 1997 built, double hulled tanker. She will be operated by James Fisher Tankships which is the market leader in the UK coastal clean petroleum products market with a fleet which now totals 23 ships. The ten-year charter is part of James Fisher's strategy to expand its Tankships operations, without the commitment of further capital and on competitive terms. Such arrangements have become more attractive under the new tonnage tax regime with its minimal tax charge, because the Company no longer requires capital allowances from the purchase of its own ships. Angus Buchanan, Chief Executive Officer, said: 'This charter is in line with the Company's strategy to strengthen its position as a marine service provider to the oil industry, by increasing the size and reducing the average age of its fleet'. For further information contact: James Fisher and Sons plc Binns & Co PR Ltd Tim Harris, Chairman Grace Marriner Angus Buchanan, Chief Executive Tel: 0113 2421171 Tel: 01229 615503 Mobile: 07775 915892 Editors' notes: Market Capitalisation: £65 million Sector: Transport/Full List Ticker: FSJ Website: www.james-fisher.co.uk • James Fisher & Sons plc specialises in a broad range of services for the marine industry including ship conversion, engineering solutions, technical services, offshore logistics and the movement of clean petroleum products on its Tankships fleet. The Company was founded in 1847 as a ship owner, operator and manager. • Tim Harris CBE was appointed Chairman of the Company in January 2002, Tim comes from a strong marine background. He is a former Chairman & Chief Executive of P&O's cruise interests, Chairman of P&O Containers and CEO of P&O Nedlloyd Container Line Ltd. Angus Buchanan became Chief Executive Officer in February 2002. He joined James Fisher in 1997 from Yarrow Shipbuilders Ltd where he was project director responsible for construction of Type 23 Frigates. • The Company has qualified for the new UK tonnage tax regime which received Royal Assent in July 2000 and which will apply retrospectively from January 2000. This will lead to a considerable reduction in the Company's taxation charges. • The Company has a reputation for blue chip clients and currently supplies services to names such as the Ministry of Defence, BNFL plc, the RAF and major international oil companies. • The Company has three cable laying ships, two of which are on five year charters. The conversion of the most recent cable ships which came into operation in 2001, the Oceanic Princess and Oceanic Pearl, are excellent examples of the Company's ship conversion abilities. This information is provided by RNS The company news service from the London Stock Exchange