Acquisition

Fisher (James) & Sons PLC
07 October 2002


JAMES FISHER AND SONS PLC ACQUIRES RUMIC LIMITED

James Fisher and Sons plc ('James Fisher') announces that it has conditionally
agreed to purchase the entire issued share capital of the Cumbria based marine
services company, Rumic Limited ('Rumic' or 'the Company') for a maximum
consideration of £4,000,000.  The acquisition is subject to certain conditions
in relation to the level of net assets and cash of the Company, the valid
exercise or cancellation of employee share options, the entering into of certain
service contracts and the consent of certain key clients of the company.



Rumic has unique skills in the use of remotely operated vehicles (ROVs) and
submersibles.  Under a long-term contract with the Royal Navy, it manages,
maintains and operates the UK Submarine Rescue System (the LR5 manned
submersible and the Scorpio 45 ROV), including a round the clock response team
in Glasgow.  It also owns and rents to the Royal Navy an associated transfer
under pressure system.



The Company also provides a range of services to the nuclear decommissioning
industry and highly trained, specialist personnel for a number of marine based
industries including oil services, subsea contractors and cable layers.



The initial consideration will be £3,500,000 to be satisfied as to £3,100,000 in
cash and £400,000 by the issue of 280,702 new ordinary shares. In addition,
deferred consideration of up to £500,000 (plus interest at 4% from the date of
completion on such amount) may be payable in cash or loan notes depending on the
aggregate profits before tax and interest of Rumic over the next two years. The
loan notes are non interest bearing and redeemable by the vendors with at least
thirty days notice within twelve months of their date of issue.  The loan notes
are unsecured obligations of James Fisher and not guaranteed.  The net assets of
Rumic at 30 June 2002 were £1.9m of which £1.3m was cash.  Rumic's audited
pre-tax profit for the year ended 30 June 2002 was £573,000.



Rumic is based close to James Fisher's headquarters in Barrow.  The present
owner and founder, Roger Chapman, will remain as the Company's managing director
and will become a key member of James Fisher's management team.



James Fisher, is a long established provider of specialist marine services
including ship operating and management.  The acquisition of Rumic fits well
with its strategy to expand organically and by acquisitions with a focus on the
Marine Support Services division, based on its engineering solutions, skills and
expertise in the marine, subsea and oil field services industries.



EC Hambro Rabben & Partners has acted as financial advisor to James Fisher.



Application will be made for the 280,702 new ordinary shares to be admitted to
the Official List of the UK Listing Authority and to trading on the London Stock
Exchange's main market for listed securities.



Commenting, Tim Harris, Chairman of James Fisher said:

'This acquisition demonstrates James Fishers' commitment to its core expertise
as a marine service provider and broadens our longstanding relationships with
the MOD, The Royal Navy and the Nuclear industries.  Rumic is also a company
with unique skills and a worldwide reputation in its specialised fields.  With
James Fisher's backing it is positioned well to take advantage of a number of
specific opportunities in all of its specialist fields and to help grow
significantly the profits from James Fisher's Marine Support Services division.'



Roger Chapman owner and founder of Rumic said:

 'To be acquired by a substantial local company with a mutual strategy and a
significant customer overlap has many advantages for Rumic and its employees.
The commitment and support of James Fisher will enable it to compete more
effectively as a contractor of choice for specific contracts in several
expanding markets.  Our high tech, niche engineering, operational and design
expertise is also complementary to the core businesses of our new parent
company. I am looking forward to a challenging and active future.'




For further information contact:


James Fisher               Tim Harris                      Chairman               0207 338 5808
                           Angus Buchanan                  CEO                    0207 338 5808

Rumic                      Roger Chapman                   Managing Director      07850 953 654

EC Hambro Rabben           Eivind Rabben                   Director               0207 355 4100
& Partners Ltd

Binns & Co PR Ltd          Keeley Clarke/Judith Parry                             0113 242 1171
                           Paul McManus                                           0207 786 9600


                      This information is provided by RNS
            The company news service from the London Stock Exchange