James Fisher acquires FT Everard

James Fisher, the UK?s leading provider of marine services, has acquired the UK-based short sea operator FT Everard for a total cash consideration of approximately £23.7 million and the assumption of £28.0 million of debt.

FT Everard currently operates 11 CPP tankers, 9 of which it owns, with four further tankers due to enter service in 2007, and owns and operates Cattedown Wharves ? a port facility on the River Plym, Plymouth. The acquisition is expected to bring a number of benefits and opportunities to James Fisher including the acquisition of a predominantly modern double hulled fleet. The Barrow-in-Furness based company intends to repeat the successful tankships formula by using the strong cash flow benefits from an enlarged and integrated tankship fleet to pursue further expansion in the company?s other divisions. The key focus for growth in the enlarged James Fisher group will remain marine support services, comprising the offshore oil, specialist technical and defence divisions.

Michael and William Everard have agreed to join the James Fisher Board on completion of the Acquisition.