Completion of Contracts

Fisher (James) & Sons PLC
05 April 2004



For release 0700 Monday 5th April


                           James Fisher and Sons plc
                      Completion of Newbuilding Contracts
                                        

James Fisher and Sons plc ('Fisher'), one of the UK's leading marine services
providers, announces that it has entered into contracts with Damen Shipyards
Bergum for the construction of 2 double hull 5,000 dwt Clean Petroleum Product
Tankers for a total purchase consideration of Euro 20.15 million (£13.42
million). The ships will be built in Damen Galati shipyard in Romania and are
scheduled for delivery in November 2005 and June 2006. The contracts include
options for Fisher to acquire a further 2 tankers. This order adds to the
contracts for two Korean 12,800 dwt tankers which are entering the fleet on
bareboat charter to Fisher in 2004 and 2005.


As with its previous Korean newbuildings, Fisher is currently negotiating with
owners to take over the contracts. On delivery Fisher will take the vessels on
bareboat charter for a period up to 10 years on competitive terms without any
residual risk. It is expected that these arrangements will be finalised within
the first half of 2004.


The delivery of these ships is the next step in Fisher's fleet development plans
and will maintain Fisher's position of operating the most modern fleet amongst
tanker operators on the UK coast.


The proposed charter arrangements are in line with Fisher's plans to develop its
fleet without the commitment of further capital and on competitive terms. This
has become more attractive under the new tonnage tax regime with its minimal tax
charge, because the Company no longer requires capital allowances from the
purchase of its own ships.


When delivered, these ships will be operated by James Fisher Tankships, the
market leader in the UK coastal clean petroleum products market, operating a
fleet totalling 18 ships and carrying over 6 million tonnes per year under
contracts with major oil companies.


Nick Henry, Managing Director of James Fisher Tankships, said:


'This is a key part of our fleet development plans. By the end of 2005 all our
smaller size tankers will be under 10 years old. This order further demonstrates
our commitment to providing quality tonnage for our customers that meets the
highest environmental standards.'


Tim Harris, Chairman of James Fisher and Sons said:


'Tankships forms a key part of James Fisher's marine services business and this
further addition of modern vessels is the latest step in taking forward our
declared strategy.'


EC Hambro Rabben & Partners is acting as corporate finance advisor to Fisher.


For further information contact:


Tim Harris              James Fisher and Sons               0207 338 5808
Nick Henry              James Fisher Tankships              0207 338 5808
Eivind Rabben           EC Hambro Rabben & Partners         0207 355 4100
Peter Binns             Binns & Co PR Ltd                   0207 786 9600






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