13th Jun 2006 13:27
Fisher (James) & Sons PLC13 June 2006 James Fisher and Sons plc ("James Fisher") Sale of cs Oceanic Princess James Fisher, the leading marine services provider, announces that it hascompleted the sale of cs Oceanic Princess, its last remaining cable ship, toSouth East Asia Marine & Engineering and Construction Ltd for US$18.25 million.In the James Fisher 2005 annual accounts, cable laying was treated as adiscontinued business and the Oceanic Princess was shown as being held for salewith a written down value of £8.0 million. The associated debt at the date ofsale was £5.75 million. This sale ends James Fisher's involvement in the cablelaying market. The net proceeds of the sale, after costs and repayment of theassociated debt, will be used to grow further the core marine support serviceactivities which, in 2005, produced 57% of group operating profits. Tim Harris, Chairman of James Fisher, commented: "We have said for some time that cable ships are not a core business becausetheir operation is a capital intensive, commodity business which does not fitwith our marine service skills and strategy. I am pleased that we have been ableto achieve a good price for the vessel while at the same time drawing a lineunder our involvement in and exposure to the cable laying market." Contacts: Tim Harris Chairman, James Fisher and Sons 020 7338 5808 Paul McManus Parkgreen Communications Ltd 020 7786 9600 07980 541 893 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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