Barrow-in-Furness marine engineering firm James Fisher and Sons plc said it has secured new bank facilities of £95 million, comprising a £75 million Revolving Credit Facility (RCF) and a £20 million term loan for three and five years respectively.

The RCF also contains two, one-year extension options, subject to lender approval.

“Since the start of 2024, James Fisher has significantly reduced its debt through the sale of non-core businesses and improved cash management, allowing the company to right-size its bank facilities on terms which position the group for future growth,” said the company.

“The new bank facilities, which reflect the group’s significantly lower leverage, have been secured from a syndicate of four major international banks, being three existing, and one new lender.

“The new bank facilities provide increased flexibility to operate the business, while significantly reducing overall maintenance costs when compared to the previous arrangements.

“Refinancing in advance of the maturity date of the existing RCF will result in a consequential reduction in deferred facility fees payable to existing lenders.

“The group has also secured additional bank guarantee lines to support business operations.”

 James Fisher CEO Jean Vernet said: “Our overriding priority in 2024 was to improve the group’s financial position, by significantly deleveraging the group towards our target range. 

“Completing the refinancing provides the key foundations for growth needed to complete the second phase of our business turnaround and unlock the company’s full potential in the Blue Economy.”