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James Fisher and Sons Shares Rise On Vessel Sale Agreement

Sam Boughedda
Sam Boughedda trader
Updated 28 Dec 2022

James Fisher and Sons plc (LON: FSJ) said Wednesday that it has entered into an agreement to sell the Subtech Swordfish Dive Support Vessel to Seamec Limited for $24 million (approximately £19.8 million).

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YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.


The marine services provider’s share price has risen more than 2% on the news, currently trading around the 396p mark. In 2022, the stock has gained over 5%.

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YOUR CAPITAL IS AT RISK. 68% OF RETAIL CFD ACCOUNTS LOSE MONEY

James Fisher and Sons said the deal is subject to completion of the formal sale process, including the completion of notice readiness and flag requirements.

The company said the vessel contributed £0.4m in gross profit to its Marine Support division for the year ended 31 December 2021. FSJ said it will use the proceeds from the sale to reduce its net borrowings.

The Swordfish vessel has been on a customer contract with an international energy services company in 2022, supporting diving activities in the Middle East. The company said the sale will allow FSJ to maintain vessel access until the end of the third quarter of 2023, enabling it to complete existing and potential commitments.

“The sale of the Swordfish is a further demonstration of the group’s previously announced asset-light strategy. The group is establishing partnerships with vessel owners to facilitate access to multiple dive support vessels in the region,” said James Fisher and Sons in its statement.


YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.


Sam Boughedda
Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.