James Fisher and Sons Regulatory News (FSJ)

1 Jun 2007 13:31

Fisher (James) & Sons PLC01 June 2007 For release Friday 1 June 2007 JAMES FISHER AND SONS PLCSale and Long Term Bareboat Charters for James Fisher Everard James Fisher and Sons plc ("Fisher" or the "Company"), the leading marineservice provider, announces that it has concluded the sale and ten-year bareboatcharters for the three 4,426 dwt clean petroleum product carriers, "Speciality","Seniority" and "Superiority", built in 2006 and 2007 by Qingshan Shipyard,Wuhan, China, for a total consideration of US$45 million. Fisher acquired thevessels as part of the acquisition of F T Everard & Sons Limited, completed inDecember 2006. The transaction has been completed with FSL Trust Management Pte. Ltd., theTrustee-Manager of First Ship Lease Trust ("FSL Trust") which is listed on theMain Board of the Singapore Exchange Securities Trading Limited. FSL Trustprovides financing solutions and leasing services to the international shippingindustry. FSL Trust assumes full residual value risk at the end of the charterperiod. The bareboat charter agreements contain various extension and purchaseoptions for Fisher. In addition Fisher has the option to sell and bareboatcharter back a fourth sister ship of the same type due for delivery in late June2007, on identical commercial terms. Chairman of James Fisher, Tim Harris, commented: "These bareboats complete the arrangement we intended on purchase of F T Everard& Sons at the end of last year. Compared with tax leasing and KG financingalternatives, FSL Trust offered attractive terms. As a result of thesetransactions, the gearing of the Group has been reduced to approximately 70%." EC Hambro Rabben & Partners acted as corporate finance advisor to the Company. For further information contact James Fisher and Sons plc Tim Harris Chairman 020 7614 9508EC Hambro Rabben & Partners Eivind Rabben 020 7355 4100Financial Dynamics Richard Mountain 020 7269 7121 This information is provided by RNS The company news service from the London Stock Exchange