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Fisher (James) - £30m Submarine Rescue System contract

James Fisher and Sons plc (FSJ.L) ("JFS") today announces that its subsidiary JFD has been awarded a £30m contract by Daewoo Shipbuilding & Marine Engineering (DSME). The contract is for the design, construction and delivery of a 3rd generation deep search and rescue vehicle for the Korean navy, together with training and in-service support. The vehicle will be delivered in 2021.

Nick Henry, Chief Executive Officer of JFS, said:

"JFD delivered the first deep search and rescue system to the Korean navy in 2009 and this additional capability further demonstrates our position of market leadership in the submarine rescue market. The vehicle is a variation of the two 3rd generation vehicles recently delivered to the Indian navy."