Fisher (James) & Sons PLC
01 June 2007
For release Friday 1 June 2007
JAMES FISHER AND SONS PLC
Sale and Long Term Bareboat Charters for James Fisher Everard
James Fisher and Sons plc ('Fisher' or the 'Company'), the leading marine
service provider, announces that it has concluded the sale and ten-year bareboat
charters for the three 4,426 dwt clean petroleum product carriers, 'Speciality',
'Seniority' and 'Superiority', built in 2006 and 2007 by Qingshan Shipyard,
Wuhan, China, for a total consideration of US$45 million. Fisher acquired the
vessels as part of the acquisition of F T Everard & Sons Limited, completed in
December 2006.
The transaction has been completed with FSL Trust Management Pte. Ltd., the
Trustee-Manager of First Ship Lease Trust ('FSL Trust') which is listed on the
Main Board of the Singapore Exchange Securities Trading Limited. FSL Trust
provides financing solutions and leasing services to the international shipping
industry. FSL Trust assumes full residual value risk at the end of the charter
period. The bareboat charter agreements contain various extension and purchase
options for Fisher. In addition Fisher has the option to sell and bareboat
charter back a fourth sister ship of the same type due for delivery in late June
2007, on identical commercial terms.
Chairman of James Fisher, Tim Harris, commented:
'These bareboats complete the arrangement we intended on purchase of F T Everard
& Sons at the end of last year. Compared with tax leasing and KG financing
alternatives, FSL Trust offered attractive terms. As a result of these
transactions, the gearing of the Group has been reduced to approximately 70%.'
EC Hambro Rabben & Partners acted as corporate finance advisor to the Company.
For further information contact
James Fisher and Sons plc Tim Harris Chairman 020 7614 9508
EC Hambro Rabben & Partners Eivind Rabben 020 7355 4100
Financial Dynamics Richard Mountain 020 7269 7121
This information is provided by RNS
The company news service from the London Stock Exchange