Shares of Barrow-in-Furness marine engineering services company James Fisher and Sons plc rose 5% on Friday after it announced its Perth, Australia-based business JFD Australia agreed a £35 million four year contract extension with the Royal Australian Navy (RAN).

Fisher agreed the contract extension to supply its submarine escape and rescue system to the 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,” said James Fisher.

“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.”

James Fisher CEO Eoghan O’Lionaird said: “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.”