Acquisition

Fisher (James) & Sons PLC
08 December 2003


For Release                                                    8th December 2003


                           James Fisher and Sons plc

                      Acquisition of Newbuilding Contracts


James Fisher and Sons plc ('Fisher'), the leading marine services provider,
announces that it has acquired two newbuilding contracts, each for a double hull
12,800 dwt Clean Petroleum Product Tanker, for a purchase consideration of USD
32 million. The ships will be built in Korea and are scheduled for delivery in
September 2004 and January 2005. Fisher is currently negotiating to bareboat
charter these vessels for a period of up to 10 years on competitive terms which
will eliminate any residual risk for Fisher. It is expected that these charters
will be finalised in the early part of 2004. The delivery of these ships in 2004
expedites Fisher's fleet development plans and enables Fisher to maintain the
youngest fleet amongst operators on the UK coast.


The proposed charter arrangements are in line with Fisher's plans to develop its
fleet without the commitment of further capital and on competitive terms. This
has become more attractive under the new tonnage tax regime with its minimal tax
charge, because the Company no longer requires capital allowances from the
purchase of its own ships.


When delivered, these ships will be operated by James Fisher Tankships, the
market leader in the UK coastal clean petroleum products market, operating a
fleet totalling 18 ships and carrying over 6 million tonnes per year under
contracts with major oil companies.


Nick Henry, Managing Director of James Fisher Tankships, said:


'This order is a key part of our fleet development plans and represents a
further commitment to provide quality tonnage to meet our customers' demands.
These ships are destined for some of our important contracts and will
significantly improve the operational flexibility of our fleet.'

In his statement in the last Report and Accounts, Tim Harris, Chairman of James
Fisher and Sons told shareholders:


'Tankships has developed close, long-standing relationships with its oil major
customers and we see this coastal logistic service fitting well within our core
competence as a marine service provider. We have continued our fleet
modernisation programme during the year. This is a further step in our
programme.'


EC Hambro Rabben & Partners is acting as corporate finance advisor to Fisher.


For further information contact

Tim Harris              James Fisher and Sons          0207 338 5808

Nick Henry              James Fisher Tankships         0207 338 5808

Eivind Rabben           EC Hambro Rabben & Partners    0207 355 4100

Peter Binns             Binns & Co PR Ltd              0207 786 9600






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