Business
HANDOVER OF SINGAPORE RESCUE
HANDOVER OF SINGAPORE RESCUE.
About this update from James Fisher And Sons Plc
[{"type":"text","content":"\n RNS Number : 2290Y Fisher (James) & Sons PLC 01 September 2009 \n \nTuesday 1 September 2009\n\nJAMES FISHER AND SONS PLC \n\nHANDOVER OF SINGAPORE RESCUE SUBMARINE \n\n20 Year Service Contract Confirmed\n\nJames Fisher and Sons plc (JFS) announces that its submarine rescue service for the Republic of Singapore Navy (RSN) is now operational and all monies relating to its pre delivery funding have been received. This cash item of over £18m will reduce JFS gearing by circa 19%.\n\nJames Fisher Defence (JFD), the JFS subsidiary, entered into a 50:50 joint venture with Singapore Technologies Marine (STM) in March 2007, specifically for the provision of rescue services to the RSN under a S$400m (£171m) Public Private Partnership contract. The rescue service will use the new integrated mother ship and rescue system which has been purpose built for the task. \n\nThe joint venture First Response Marine Pte Ltd (FRM) has completed the 20 year finance transaction valued in excess of SGD 95m (£41m), with DBS Bank Singapore. \n\nThe Submarine Support and Rescue Vessel, Swift Rescue, which was designed and built specifically to support submarine rescue activities, as well as a full range of secondary roles for RSN, was built over a two year period. The ship will be based at Changi Naval Base and operated by a civilian crew including some of JFD's employees.\n\nThe integrated rescue payload includes the new DSAR-6 rescue submersible, a handling system and decompression system designed, installed and commissioned by 75 JFD employees based in Renfrew, Scotland. DSAR-6 is the latest submersible to be delivered by JFD which will operate and maintain the rescue system throughout the 20 year service. The service contract will have a value of around SGD 90m (£38m) over a 20 year period.\n\nThe delivery of the Singaporean Rescue System, only months after the delivery of a similar system for the Korean Navy, confirms JFD's world leading position in the niche market of submarine rescue vehicles and systems. JFD is...