A buoyant North Sea market and growing business in other key oil and gas locations helped James Fisher and Sons to a 15% rise in first-half profits, the marine service firm said yesterday.
Fisher, which this year snapped up north-east diving and subsea equipment specialist Divex in a deal potentially worth £33million, posted underlying pre-tax profits of £19.4million for the six months to June 30.
This was up from £16.9million a year earlier, on group revenue 7% higher at £200.7million.
Fisher said its offshore oil division enjoyed a strong start to the year, with revenue increasing by 21% and profits by 15%.
It added: “This reflects the benefit of capital investments in new equipment made in 2012 and the buoyant markets in the North Sea and the growing markets in Latin America, west Africa and Asia-Pacific.”
Fisher said it had also secured two deals with major oil and gas suppliers in Brazil working on the world’s largest well testing contract, with state-run Petrobras.
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