James Fisher and Sons Regulatory News (FSJ)

14 Mar 2007 09:10

Fisher (James) & Sons PLC14 March 2007 For release 0910 Wednesday 14 March 2007 James Fisher and Sons plc (FSJ.L) ("James Fisher") Contract Win for James Fisher Defence Submarine Rescue Service for Republic of Singapore Navy James Fisher Defence Limited ("JFD"), a subsidiary of James Fisher, the UK'sleading marine services provider ("FSJ"), announces that it has, with itspartner Singapore Technologies Marine Ltd (ST Marine), been selected jointly todeliver a comprehensive submarine rescue service to the Republic of SingaporeNavy ("RSN"). Under the contract, ST Marine and JFD will design, build, operate and maintain afully integrated mother ship and submarine rescue system. JFD will design andsupply the complete submarine rescue system including a new rescue submersible,handling systems and a decompression facility and operate and maintain therescue assets throughout the 20-year life of the contract. The operating and maintenance contract is estimated to replace the revenue andnet earnings from JFD's current contract to operate the UK Submarine Rescuesystem, which is expected to come to an end in 2008. The new DSAR submarine rescue vehicle is from the same family of designs as thevehicle contracted in November 2006 to the Republic of Korea Navy (ROKN) and theexisting vehicle operated by JFD as part of the United Kingdom Submarine RescueSystem (UKSRS). The contract, which will run until 2029, follows shortly on the announcement ofthe company's success in Korea and its acquisition of the UK submarine rescueservice assets and further demonstrates JFD's increasing presence in the globalsubmarine rescue market. Commenting on the contract, Simon Harris, JFD Managing Director, and a directorof James Fisher, said: "We are delighted to be working with ST Marine and we are looking forward todelivering an outstanding submarine system and serving the RSN over the 20-yearoperational period. This contract is an ideal way to build on our success inKorea and it further extends the global range of our submarine rescue business." Said See Leong Teck, President, ST Marine: "We are pleased to have JFD as our partner for this long term contractor owned,contractor operated project for the RSN. Given their specialisation insubmarine rescue services and track record of supporting established navies in this area, we are confident ofproviding the RSN with a good and reliable submarine rescue solution." EC Hambro Rabben & Partners Ltd is acting as financial advisor to James FisherDefence. -ENDS- Contacts James Fisher Defence Simon Harris Managing Director 01229 615 460 James Fisher & Sons plc Nick Henry Chief Executive Officer 020 7614 9508www.james-fisher.co.uk James Fisher & Sons plc Michael Shields Group Finance Director 01229 615 400 Adventis Financial PR Ltd Chris Steele 020 7034 4759 EC Hambro Rabben Peter Donald Eivind 0207 355 4100 Rabben Editor's Notes: DSAR (Deep Search And Rescue) Vehicle The RSN's new submarine rescue vehicle will be from the family of designs basedon JFD's existing LR5/DSAR-1 design which is currently in-service with the RoyalNavy and has, since being built by JFD, completed more than 300 dives andexercised with live submarines from navies around the world. The rescue vehicle will be capable of rescuing submariners and transferringrescuees under pressure to the medical and decompression facilities onboard thepurpose-built mothership. The use of Lithium based battery technology enablesthe underwater endurance to be increased significantly over conventionallead-acid based systems. James Fisher personnel will commission the new submersible and associated rescuehardware and operate and maintain it throughout its 20 year service life. James Fisher Defence Ltd James Fisher Defence was established in January 2005, bringing together thedefence sector activities of James Fisher and Sons plc including those of JamesFisher Rumic which was formed in 1984 and was acquired by James Fisher and Sonsin 2002. In recent years the company has increased the scope of its activitiesproviding submarine rescue hardware and services to navies worldwide. JFDoperates the United Kingdom Submarine Rescue System from its base in Renfrew,Scotland and will operate the new NATO Submarine Rescue Service rescuesubmersible. In December 2006 James Fisher Defence Limited was awarded a contract to supply anew rescue submersible to the Republic of Korea Navy (ROKN). This followed thesuccessful supply of a new dry mating skirt for the existing ROKN rescuesubmersible, LR5K. In November 2006 JFD signed an agreement with the Government's Defence SalesAgency to acquire the operating assets of the UK submarine rescue service inorder to provide submarine rescue services to other nations. In August 2005, the rescue of the seven Russian submariners drew on the supportfrom the RAF, the US Navy and local Russians to fly the team and equipment fromits Renfrew base, transport it to a waiting ship, secure it to the vessel andreach the offshore location within 36 hours. It took about 5 hours to cut thediscarded fishing nets which had trapped the mini-sub called the Priz at a depthof 625 feet off Russia's far eastern Kamchatka peninsula. This was achievedamid estimates that the Russian submariners had less than 10 hours of air left.The team was also previously mobilised for the Kursk submarine disaster in 2000. James Fisher Defence Limited is a wholly owned subsidiary of James Fisher andSons plc (FSJ.L), the UK's leading provider of marine services. Through itssubsidiary, James Fisher Rumic Ltd, the company has played a key role in thedevelopment of the UK's world-leading submarine rescue capability. James Fisher & Sons James Fisher & Sons plc, the parent company to James Fisher Defence, is a marketleader in the provision of technical engineering solutions in the marineenvironment with its business divided into four divisions: Offshore OilServices, Marine Oil Services, Specialist Technical Services and Defence. Singapore Technologies Marine (ST Marine) ST Marine, ST Engineering's marine arm, provides turnkey building, repair andconversion services for a wide spectrum of naval and commercial vessels. Inshipbuilding, it has the proven capabilities to provide turnkey solutions fromconcept definition to detailed design, construction, on-board systeminstallation and integration, testing, commissioning to through-life support.It has also established a track record in providing high engineering contentshiprepair and ship conversion services for a worldwide clientele. Please visitwww.stengg.com. ST Engineering is an integrated engineering group providing solutions andservices in the aerospace, electronics, land systems and marine sectors.Headquartered in Singapore, the Group reported revenues of $4.49b in FY2006.With a market capitalisation in the region of $10b, it ranks among the largestcompanies listed on the Singapore Exchange. ST Engineering has more than 17,000employees worldwide, and over 100 subsidiaries in 20 countries and 35 cities.Please visit www.stengg.com. This information is provided by RNS The company news service from the London Stock Exchange