James Fisher banks delivery fee

1st Sep 2009 08:42

Marine services firm James Fisher has received £18m as part of a pre-delivery funding agreement after its submarine rescue service for the Republic of Singapore Navy became operational.The cash payment will reduce James Fisher’s gearing by around 19%. At the end of June 2009 the company’s net debt stood at £88m.The Submarine Support and Rescue Vessel, ‘Swift Rescue’, was designed and built specifically to support submarine rescue activities, as well as a full range of secondary roles for the Republic of Singapore’s navy.The ship will be based at Changi Naval Base and operated by a civilian crew including some of James Fisher's employees.