TIDMFSJ

RNS Number : 8613G

Fisher (James) & Sons plc

11 August 2016

11 August 2016

JAMES FISHER AND SONS PLC (FSJ.L)

ACQUISITION OF HUGHES SUB SURFACE ENGINEERING

James Fisher ("James Fisher" or the "Group") announces the acquisition of the entire share capital of Hughes Marine Engineering Limited, the holding company of Hughes Sub Surface Engineering Limited ("Hughes Sub Surface").

The initial consideration is GBP9.0m in cash, with further future consideration of up to GBP1.0m subject to certain profit targets being met by 28(th) February 2017. Hughes Sub Surface's profit before taxation for the 12 months to end April 2016 was GBP1.6m (unaudited).

Hughes Sub Surface was founded in Liverpool in 2005 to provide commercial diving and civil engineering services to underwater projects. The business operates in the marine renewables, power generation, oil and gas, and inshore civil engineering sectors.

Nick Henry, Chief Executive Officer of James Fisher, said:

"The operations of Hughes Sub Surface are complementary to those of James Fisher and, combined, they will broaden our range of services to the market, particularly to the renewable energy industry offshore. We are delighted to welcome all our new colleagues to the Group and look forward to working with them."

E C Hambro Rabben & Partners has acted as corporate adviser to James Fisher and Sons plc.

Contacts:

 
 James Fisher and                     Chief Executive    020 7614 
  Sons plc           Nick Henry        Officer            9508 
------------------  ---------------  -----------------  --------- 
 EC Hambro Rabben    Eivind Rabben                       020 7355 
  & Partners          Peter Donald                        4100 
------------------  ----------------------------------  --------- 
                     Richard 
                      Mountain 
                      Susanne                            0203 727 
 FTI Consulting       Yule                                1340 
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This information is provided by RNS

The company news service from the London Stock Exchange

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August 11, 2016 02:00 ET (06:00 GMT)