James Fisher and Sons Regulatory News (FSJ)

1 Nov 2006 07:00

Fisher (James) & Sons PLC01 November 2006 For release 01 November 2006 James Fisher and Sons plc ('James Fisher' or 'the Company') Acquisition James Fisher (FSJ/LSE), the UK's leading marine services provider, announces the acquisition of Gjerde Lofteteknikk AS ('Gjerde') for a total consideration of NOK 8.0 million Norwegian Kroner (£644,400), payable in cash at completion. The acquisition is being funded out of existing resources. This purchase further strengthens James Fisher's growing Offshore Services activities in Stavanger and Aberdeen and is the fifth acquisition made by the Company in this sector since 2001. Gjerde is a privately-owned company situated in Stavanger on the Norwegian West Coast. In the 8 months to 31 August 2006 Gjerde had a turnover of NOK 17.6 million (£1.42 million) and pre-tax profit of NOK 1.6 million (£129,000). Gjerde provides specialist equipment to customers in the Norwegian and UK sector of the North Sea, designing and customising lifting equipment and cranes for sale and rental to the offshore rig and subsea market. Current products provided to the offshore oil services industry by James Fisher include compressors, steam generators, power packs, winches and the HydroDigger excavation tool. Gjerde's range of customers, comprising offshore oil operators, subsea operators, drilling and oil companies, are predominantly the same as those to whom the James Fisher's subsidiaries, Scan Tech in Stavanger and Fisher Offshore in Aberdeen, already provide a variety of other services, In addition to augmenting Gjerde's existing presence in North Sea markets, geographical expansion is planned for Gjerde into the developing oil areas of the former Soviet Republic, Mexico, West Africa and elsewhere. Gjerde will become part of James Fisher's existing Scan Tech operations underits Managing Director, Chris Stevens, who is based in Stavanger. Gjerde's Managing Director Kare Stokkeland and a staff of 10 will remain with the Company. EC Hambro Rabben and Partners Ltd acted as corporate finance advisors for the acquisition. For further information, please contact: James Fisher and Sons plc Tim Harris, Chairman 020 7338 5808www.james-fisher.co.uk Scan Tech AS Chris Stevens, Managing Director 0047 515 45454 EC Hambro Rabben & Petter Hagland 020 7355 4100Partners Kristine Tveteraas Adventis Financial PR Peter Binns 020 7034 4765 This information is provided by RNS The company news service from the London Stock Exchange