James Fisher and Sons Regulatory News (FSJ)

16 Sep 2005 07:00

Fisher (James) & Sons PLC16 September 2005 James Fisher & Sons plc ('James Fisher' or 'the Company') Sale of Cable Layer "Oceanic Pearl" for US$20.1 million James Fisher, the marine services provider, announces that it has agreed to sellthe Cable Laying vessel "Oceanic Pearl" to KS Ocean Pearl a company in theShipman Group Norway for US$20.1 million. Delivery of the ship is scheduled totake place in Norway on 3 October 2005. The vessel, which has been in lay-up since 2002, benefits from the income of acharter to International Telecom, a subsidiary of General Dynamics, payableuntil December 2006. The vessel is being sold free of the remaining charterincome, amounting to US$8.2 million, which is being retained by James Fisher.Oceanic Pearl had a book value of £20.87 million at the end of August 2005. Theproceeds of the sale will be used towards repaying the mortgage debt of £11.74million on the ship. Tim Harris, Chairman of James Fisher, said : "This is a further and important step in the transformation of James Fisher intoa marine services company. It has been our clear and stated strategy to reduceour exposure to the cable laying market at the right time. This year there havebeen signs of greater interest in the ships for use in the seismic market, asillustrated by this disposal. Whilst it is very difficult to predict whetherconditions will continue to improve, I believe that it is right and prudent totake this opportunity to sell the Oceanic Pearl. The Oceanic Princess, our othercable layer, also benefits from the income of a charter to International Telecomwhich is payable until May 2006. " ENDS For further information, please contact: James Fisher and Sons plc 020 7338 5808Tim Harris, Chairman EC Hambro Rabben & Partners 020 7355 4100Eivind Rabben Binns & Co PRPeter Binns 020 7153 1477/ 07768 392 582Paul McManus 020 7153 1485/ 07980 541 893 This information is provided by RNS The company news service from the London Stock Exchange