Bareboat Charter

Fisher (James) & Sons PLC
10 May 2002



10th May 2002

James Fisher and Sons plc

Addition of largest vessel to Tankship Fleet


James Fisher and Sons plc, the leading marine services provider, announces that
it has entered into Heads of Agreement for a ten-year bareboat charter of the mt
Montebello, a 14,122 tonne Clean Petroleum Product Tanker.  The vessel, to be
renamed Pembroke Fisher, is a modern, 1997 built, double hulled tanker.  She
will be operated by James Fisher Tankships which is the market leader in the UK
coastal clean petroleum products market with a fleet which now totals 23 ships.

The ten-year charter is part of James Fisher's strategy to expand its Tankships
operations, without the commitment of further capital and on competitive terms.
Such arrangements have 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.


Angus Buchanan, Chief Executive Officer, said:

'This charter is in line with the Company's strategy to strengthen its position
as a marine service provider to the oil industry, by increasing the size and
reducing the average age of its fleet'.



For further information contact:

James Fisher and Sons plc                             Binns & Co PR Ltd
Tim Harris, Chairman                                  Grace Marriner
Angus Buchanan, Chief Executive                       Tel: [phone]
Tel: [phone]                                     Mobile: [phone]




Editors' notes:


Market Capitalisation: £65 million
Sector: Transport/Full List
Ticker: FSJ
Website: www.james-fisher.co.uk



•         James Fisher & Sons plc specialises in a broad range of services for
the marine industry including ship conversion, engineering solutions, technical
services, offshore logistics and the movement of clean petroleum products on its
Tankships fleet.  The Company was founded in 1847 as a ship owner, operator and
manager.



•         Tim Harris CBE was appointed Chairman of the Company in January 2002,
Tim comes from a strong marine background.  He is a former Chairman & Chief
Executive of P&O's cruise interests, Chairman of P&O Containers and CEO of P&O
Nedlloyd Container Line Ltd.


Angus Buchanan became Chief Executive Officer in February 2002.  He joined James
Fisher in 1997 from Yarrow Shipbuilders Ltd where he was project director
responsible for construction of Type 23 Frigates.



•         The Company has qualified for the new UK tonnage tax regime which
received Royal Assent in July 2000 and which will apply retrospectively from
January 2000.  This will lead to a considerable reduction in the Company's
taxation charges.



•         The Company has a reputation for blue chip clients and currently
supplies services to names such as the Ministry of Defence, BNFL plc, the RAF
and major international oil companies.



•         The Company has three cable laying ships, two of which are on five
year charters.  The conversion of the most recent cable ships which came into
operation in 2001, the Oceanic Princess and Oceanic Pearl, are excellent
examples of the Company's ship conversion abilities.



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