James Fisher and Sons plc, the Barrow-in-Furness international marine engineering company, announced that Eoghan O’Lionaird intends to step down as chief executive officer once a successor for his position has been appointed.

A search for a replacement is in progress and O’Lionaird has agreed to stay in post until a smooth transition has been effected.

On March 10, the company published results for a “challenging and disappointing” 2021 and said it would not pay a dividend.

Revenue fell 4.7% to £494.1 million and it made a loss before tax of £29 million compared to a £52.5 million loss in 2020.

Underlying profit before tax fell 37.5% to £19.7 million.

James Fisher shares are down more than 60% for the past year.

James Fisher Chair Angus Cockburn said: “On behalf of the board, I would like to thank Eoghan for his service and considerable contribution to James Fisher.

“The group has an experienced management team which is tackling the challenges faced by the business and the board believes that a solid business will emerge to build on the opportunities offered by the energy transition.

“The board remains committed to its strategy of driving recovery in revenue and profitability, exiting non-core businesses and reducing debt during 2022.”

O’Lionaird said: “It has been a privilege to serve as CEO of James Fisher and to help steer the company through what was one of the most challenging periods in our history.

“I am proud of what we have achieved on setting course to become a purpose-led, values driven company, committed to serving all our stakeholders, and I’m confident that the group’s best days lie ahead.”