Fisher (James) & Sons PLC
12 May 2000
James Fisher 'Well Placed'for Expansion -
says Chairman at Company's AGM
David Cobb, CBE, executive chairman of shipping group James
Fisher and Sons Public Limited Company, struck a positive note
at the company's Annual General Meeting in Barrow today.
Mr Cobb told shareholders: 'Our cash position is stronger than
ever. Our bankers have made it clear they are ready to
support us in our continuing efforts to grow the company
through acquisition or partnership. We are in a good position
to expand our activities.
'Results for the first quarter of the current financial year
were in line with market forecasts. The tonnage tax, for
which the shipping industry fought long and hard, should
become law later this year and be backdated to 1 January 2000.
This is good news for James Fisher.'
Tenders for New Tonnage
Mr Cobb told the meeting that in 1999 James Fisher vessels
exceeded the company's earlier expectations by carrying almost
9 million tonnes of refined products. In the year 2000 he
expects them to carry over that number. Last year's
performance compared with a total of 7.3 million tonnes in
1998.
'With future growth in mind we are issuing tender documents
for the building of one, possibly two 13,000 dwt tankers of
the latest design to Far Eastern, mainland Europe and UK
shipyards. These ships will replace older tonnage that are
now chartered in.'
Joint venture with Cammell Laird
Mr Cobb also disclosed that James Fisher is entering into a
'new and exciting' venture with Cammell Laird. It has formed
a jointly owned company, Fisher Offshore Services, in which
James Fisher will hold a 51 per cent controlling interest.
Fisher Offshore Services will acquire the diving support
vessel 'Ocean Cavalier', to be renamed 'Fisher Cavalier', and
a container ship 'Sun Pegasus' which has been sourced for
conversion into an offshore/cable ship.
Mr Cobb added: 'We expect this company to source and aquire,
design and convert specialised ships, not only for its own use
but for third parties.'
Press Enquiries:
David B Cobb, CBE
Executive Chairman
James Fisher and Sons Public Limited Company
Tel: 020 7338 5808
Issued on behalf of James Fisher and Sons Public Limited
Company by Tavistock Communications Limited (contact Keith
Payne, tel: 020 7600 2288)
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