£193m Indian Navy Contract

RNS Number : 0730T

Fisher (James) & Sons plc

23 March 2016

 

23 March 2016

James Fisher and Sons plc

James Fisher signs £193m Submarine Rescue Service contract with Indian Navy

James Fisher and Sons plc (FSJ.L) ("JFS") today announces that its subsidiary JFD Limited has been awarded a £193m contract by the Indian Navy for the long-term provision of its submarine escape and rescue capability.  The contract entails the design and production of two complete submarine rescue systems for £83m by December 2018 and will be assembled and produced at JFD's Inchinnan facility, near Glasgow, UK.  A 25 year in-service support contract covering all aspects of the operation and maintenance of the system will commence when the vessels are put into service in India.

Two complete submarine rescue systems will be delivered to the Indian Navy including Deep Search and Rescue Vehicles (DSRV), Launch and Recovery Systems (LARS) equipment, Transfer Under Pressure (TUP) systems and all logistics and support equipment required to operate the service.

Nick Henry, Chief Executive Officer of JFS, said:

"As the global leader in submarine rescue services, James Fisher has been awarded the contract by demonstrating, through its work with the Royal Navy, the Australian Navy and the Singapore Navy, a commitment to the safety of the global submarine community over many years.  We look forward to working with the Indian Navy at the start of this long term relationship."  

Contacts:

James Fisher and Sons plc	Nick Henry	Chief Executive Officer	020 7614 9508
FTI Consulting	Richard Mountain Susanne Yule		0203 727 1374

 

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