James Fisher & Sons Sells Norwegian Unit, Offices For GBP18.5M

30th Jun 2010 07:45

LONDON (Dow Jones)--Marine engineering company James Fisher & Sons PLC (FSJ.LN) Wednesday said it has disposed of its Norwegian subsidiary ScanTech Eiendom AS and sold some of its office and workshop facilities in Norway for a total of GBP18.5 million, which it will use to pay down debt. ScanTech Eiendom is a property company which owns the newly completed Stavanger head office of James Fisher Norway & ScanTech AS. It has been sold to property investment company Dusavika Eiendomsinvest AS and ScanTech AS--the principle operating company of James Fisher's Norwegian activities--has entered into a 15-year lease agreement to occupy the building, based on a yield of around 7%. The company said the transaction is based on a property value of NOK172 million (GBP17.8 million). James Fisher also said it has sold its office and workshop facilities in Haugesund, Norway for NOK6.6 million (GBP680,000) to the local port operating company. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; [email protected] (END) Dow Jones Newswires June 30, 2010 02:45 ET (06:45 GMT)