Acquisition

Fisher (James) & Sons PLC 18 January 2005 James Fisher and Sons plc ('James Fisher' or 'the Company') Acquisition of Harsh Environment Systems Ltd James Fisher, the marine services provider, announces the acquisition of Harsh Environment Systems Limited, a privately owned company, for a total consideration of £1.6 million in cash. Harsh Environment Systems Limited ('HES') is based in Egremont, Cumbria adjacent to the Sellafield Nuclear Plant. HES provides bespoke solutions for remote operations and monitoring in the nuclear decommissioning industry. It designs and develops equipment for use on hazardous sites with its own facilities for testing equipment on large-scale mock-ups prior to installation. Barry Vernon and Trevor Singleton, the founding shareholders, will remain in their current position as Directors of the Company. The purchase further strengthens the development of James Fisher Nuclear Ltd which has its origins in the acquisition of James Fisher Rumic in 2002 and is part of James Fisher's growing Marine Support Services Division which, in the first half of 2004, contributed 46% of the Company's operating profit against 14% two years ago and represented 24% of assets employed. Tim Harris, Chairman of James Fisher, said: 'Being neighbours to the BNFL site in Sellafield, HES have a natural advantage in working closely with BNFL for servicing their site operation and future decommissioning. The property has considerable room for expansion and HES will complement our recent acquisitions of Remote Marine Systems and Nuclear Decommissioning Limited.' Gordon Robertson, Managing Director of James Fisher Nuclear Ltd, said; 'The acquisition of HES is an important building block in providing a broader spread of high quality services to our Nuclear clients and the strategic position of its property will also enable us to offer better local solutions and pre-commissioning testing facilities.' Barry Vernon, Director of HES, said; 'We are delighted to become part of James Fishers Nuclear Ltd and look forward to integrating our products and services with their growing nuclear decommissioning activities' EC Hambro Rabben and Partners Ltd acted as corporate finance advisors for this acquisition. For further information, please contact: James Fisher and Sons plc Tim Harris Chairman 020 7338 5808 Gordon Robertson MD JF Nuclear Services 01653 690001 Extension 226 EC Hambro Rabben & Partners Eivind Rabben 020 7355 4100 Peter Donald 020 7355 4100 Binns & Co PR Paul McManus 020 7153 1485 07980 541893 This information is provided by RNS The company news service from the London Stock Exchange
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