Barrow’s James Fisher sells dive support vessel

James Fisher and Sons plc, the Barrow-in-Furness international marine engineering company, said it agreed to sell the Subtech Swordfish Dive Support Vessel to Seamec Limited, a company incorporated in India, for about £20 million.

The firm said the sale is a further demonstration of its previously announced “asset-light” strategy.

“The transaction remains subject to completion of the formal sale process, including issuing of Notice of Readiness and completion of flag requirements,” said James Fisher.

The Swordfish has been on customer contract with an international energy services company during 2022, supporting diving activities in the Middle East.

“The sale agreement allows for the group to maintain access to the Vessel until the end of Q3 2023, enabling it to complete existing and potential customer commitments.

The sale of the Swordfish is a further demonstration of the group’s previously announced asset-light strategy.

“The group is establishing partnerships with vessel owners to facilitate access to multiple dive support vessels in the region. 

The vessel contributed £0.4m in gross profit to the marine support division for the year ended 31 December 2021, prior to any allocation of indirect overheads.

“The vessel was designated as held for sale in the group’s 2022 interim financial statements, with a book value of £13.0m. The proceeds will be applied to further reduce the group’s net borrowings.”