Fisher (James) & Sons PLC
13 June 2006
James Fisher and Sons plc
('James Fisher')
Sale of cs Oceanic Princess
James Fisher, the leading marine services provider, announces that it has
completed the sale of cs Oceanic Princess, its last remaining cable ship, to
South East Asia Marine & Engineering and Construction Ltd for US$18.25 million.
In the James Fisher 2005 annual accounts, cable laying was treated as a
discontinued business and the Oceanic Princess was shown as being held for sale
with a written down value of £8.0 million. The associated debt at the date of
sale was £5.75 million. This sale ends James Fisher's involvement in the cable
laying market. The net proceeds of the sale, after costs and repayment of the
associated debt, will be used to grow further the core marine support service
activities which, in 2005, produced 57% of group operating profits.
Tim Harris, Chairman of James Fisher, commented:
'We have said for some time that cable ships are not a core business because
their operation is a capital intensive, commodity business which does not fit
with our marine service skills and strategy. I am pleased that we have been able
to achieve a good price for the vessel while at the same time drawing a line
under our involvement in and exposure to the cable laying market.'
Contacts:
Tim Harris Chairman, James Fisher and Sons 020 7338 5808
Paul McManus Parkgreen Communications Ltd 020 7786 9600
07980 541 893
This information is provided by RNS
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