30th Apr 2015 07:26
LONDON (Alliance News) - Marine engineering services company James Fisher & Sons PLC on Thursday said its Marine Support, Specialist Technical and Tankships units have started 2015 in line but its Oil Offshore arm has taken a hit from the weak conditions in the oil and gas market, with the company expecting a weaker first half due to one-off contract wins secured a year earlier.
FTSE 250-listed James Fisher said its Marine Support unit has seen a recent improvement in ship-to-ship transfer volumes and expects project revenue to rise, particularly in the second half. The Specialist Technical arm is making progress on its robust order book, the company said, and is well positioned for a number of significant contract bids, while the Tankships division has continued the good momentum seen in recent years.
But Offshore Oil has been hit by weaker market conditions and a tough comparable with the first quarter of 2014, when it was boosted by major one-off contracts in Brazil. James Fisher said the current round of restructuring in the oil and gas industry has slowed customer decision-making and contract awards generally.
James Fisher said it expects its first-half performance to be weaker year-on-year, due to one-off contract wins which boosted its results in 2014, but expects a stronger second half on the back of better trading anticipated in its Marine Support, Specialist Technical and Tankships arms.
Shares in James Fisher were down 7.8% to 1,202.00 pence in early trade, one of the worst performers in the FTSE 250 after the open.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
James Fisher and Sons