Marine service group James Fisher and Sons reported strong results in its offshore oil division in 2011 helped by the North Sea and growth in new global oil provinces.
The UK business said group revenue rose 15% to £307.6million in 2011, with underling operating profits up 11% to £36.1million.
It said its specialist technical, defence and offshore oil divisions all experienced strong organic growth. Defence revenue grew by more than 30%, with Fisher winning an £11million modernisation project for the Swedish navy’s rescue submarine.
Divisional management working increasingly together had also resulted in the firm winning multi-skill contracts, including work with BP in Angola to manage oil offtake operations from a floating production vessel.
Chairman Tim Harris said: “Our largest divisions – specialist technical and offshore – have a strong growth record and will continue to be the prime focus for future investment in new equipment and bolt-on acquisitions.”
He said prospects for James Fisher Everard, its tankship business, remained unchanged, however, because of the state of the UK and eurozone economies, but that it would improve, although the division was also of decreasing importance to the wider group performance.
Recommended for you
