James Fisher and Sons Regulatory News (FSJ)

23 May 2007 07:01

Fisher (James) & Sons PLC23 May 2007 23 May 2007 James Fisher Acquires Buchan Technical Services Ltd for £4.9m James Fisher and Sons plc ('James Fisher' or FSJ.L), the leading marine servicecompany, announces the acquisition of the privately owned UK based BuchanTechnical Services Limited (Buchan) for £4,900,000 cash. Buchan has guaranteeda minimum of £1 million of cash in the company on completion. The acquisitionis being funded from existing resources. Buchan is a market leader in the design and supply of centrifugal pumps,hydraulic power packs and umbilical cords and reels, to the oil & gas majors,pipeline commissioning and testing companies and the well servicing, welltesting and environmental companies, including the provision of operationalmanpower. The acquisition will enable James Fisher Offshore Limited, in Aberdeen, and ScanTech AS, in Stavanger, to supply a wider range of sale and rental equipment tothe offshore industry. Buchan will form part of James Fisher Offshore and willmove its activities to James Fisher's site at Oldmeldrum, outside Aberdeen, onceadditional extended premises have been completed in 2008. Buchan's unaudited pre tax profits for the year ended 31 October 2006 were£653,000 (post tax £474,000) and its gross assets at that date were £2,022,000(net assets £1,594,000 including £684,000 cash). Its founder Andy Buchan willremain with the Group and take up the position of Director for James FisherOffshore. Tim Harris, Chairman of James Fisher, said: "Buchan represents the latest step in the expansion of marine support serviceswhich, in 2006, contributed 67% of group profits. It complements our existingproducts and services and enjoys a strong position in specialist niche markets." Andy Buchan, Managing Director of Buchan said: "Fisher Offshore is a local company and provides an excellent fit with Buchanenjoying a similar approach and customers in the offshore market. I will bestaying with and look forward to developing the business within James FisherOffshore." Buchan's head office is in Inverurie near Aberdeen. It employs 8 people. EC Hambro Rabben & Partners Ltd acted as corporate finance advisors to JamesFisher. For further information, please contact: James Fisher and Sons plc Tim Harris Chairman 020 7614 9508www.james-fisher.co.uk Buchan Limited Andy Buchan Managing Director 01467 670000www.buchantechnical.co.uk EC Hambro Rabben & Partners Peter Donald 020 7355 4100 Petter Haglandwww.echambrorabben.co.uk Financial Dynamics Richard Mountain 020 7269 7121 This information is provided by RNS The company news service from the London Stock Exchange