(Alliance News) - James Fisher & Sons PLC announced on Wednesday it entered an agreement to sell a Subtech Swordfish Dive Support Vessel for USD24 million.
The marine services provider said the sales agreement with Mumbai-based Seamec Ltd allows it to access to the vessel until the end of the third quarter of 2023. This will enable it to complete existing and potential customer commitments, it explained.
James Fisher said that the sale is a further demonstration of the firm's 'asset-light' strategy. The vessel was designated as held for sales in the group's 2022 interim financial statements, with a book value of GBP13.0 million.
The proceeds will be used to further reduce net borrowing, the company said. The transaction remains subject to a formal sales process.
Shares in the firm were up 2.2% at 394.15 pence on Wednesday morning in London.
By Heather Rydings, Alliance News senior economics reporter
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James Fisher and Sons (FSJ)