2nd Oct 2007 15:00
Fisher (James) & Sons PLC02 October 2007 2 October 2007 JAMES FISHER ACQUIRES PUMP TOOLS LIMITED FOR £7.7M James Fisher and Sons plc ('James Fisher' or FSJ.L) the UK marine servicescompany, announces the acquisition of Pump Tools Limited ("Pumptools") for£7,700,000 in cash. Pumptools is estimated to have a minimum of £400,000 ofcash in the company at completion. The consideration is being funded from JamesFisher's existing debt facilities. Pumptools designs and manufactures specialist downhole tools and systems for theextraction of oil, typically using electrical submersible pumps ("ESP"). Thecompany has developed a range of innovative systems and downhole products,building on a core of field proven ESP Dual systems, bypass systems, wirelineand tubing string tools. The company, which is based in Aberdeen and has 21employees, sells its products and provides operational support to oil operators,ESP manufacturers and oil service companies with a wide geographical reach. The acquisition is complementary to the Group's existing electrical penetratorbusiness undertaken by Remote Marine Systems, with many clients and pastprojects in common. Pumptools will become part of James Fisher's growingSpecialist Technical Services Division. Pumptool's unaudited pre tax profits for the year ended 31 September 2006 were£838,378 (post tax £580,061) and its gross assets at that date were £2,021,075.The two founders of the business, Stan Foster-Rooke and Paul Shotter, willremain with the company, as will Andrew Leitch whose company, Strata Oil ToolsLtd, was purchased by Pumptools in November 2005. Tim Harris, Chairman of James Fisher, said: "Given its complementarity to Remote Marine Systems, Pumptools is an excellentaddition to our Group and allows us to benefit from the growing trend to extendthe life and increase the production of oil fields. On the strength of itsinnovative products, this niche company has grown fast and is well respected inits specialist sector." Stan Foster-Rooke, Managing Director of Pumptools said: "We have been very pleased with the customer response to our market leadingproducts and the company has now grown to a point where it will be better servedwithin a larger group with the backing to support future growth. My colleaguesand I look forward to developing the business and our product range togetherwith Remote Marine Systems." 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 Pump Tools Limited Stan Foster-Rooke Managing Director 01224 774 771www.pumptools.co.uk EC Hambro Rabben & Partners Peter Donald 020 7355 4100www.echambrorabben.co.uk Petter Hagland Financial Dynamics Richard Mountain 020 7269 7121www.fd.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
James Fisher and Sons