Four year contract extension worth £35m

21 February 2020

James Fisher and Sons plc (FSJ.L)

Four year contract extension worth £35m

James Fisher and Sons plc ("James Fisher" or "the Group") announces that its Perth, Australia based business, JFD Australia has agreed a c.£35m four year contract extension to supply its world-leading submarine escape and rescue system to the Royal Australian Navy (RAN) until December 2023 with an option to further extend to November 2024.

JFD is the world leader in the provision, operation and management of untethered submarine rescue vessels. This involves sending a mini piloted vehicle to a distressed submarine to rescue the crew on board and transfer them safely under pressure to the ocean's surface where they are able to receive potentially life-saving decompression treatment in a specially-designed hyperbaric equipment suite.

This contract extension will create a number of full-time defence industry jobs which, working with JFD Australia's highly skilled team will ensure that the submarine rescue system is "rescue ready" and on standby to respond to a submarine emergency anywhere in the world.

Eoghan O'Lionaird, Chief Executive Officer of James Fisher, commented:

"We are delighted to secure this four year contract extension from our valued customer, the Royal Australian Navy. Keeping submariners and other defence force personnel safe remains our foremost priority. JFD Australia looks forward to continuing to be a reliable partner for the RAN through the ongoing delivery of its industry leading submarine escape and rescue service."

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