Conclusion of Sale

Fisher (James) & Sons PLC
27 February 2004

For Immediate Release                                      27 February 2004


                           JAMES FISHER AND SONS PLC

             Long Term Bareboat Charters for Tankship Newbuildings


James Fisher and Sons plc ('Fisher'), the leading marine service provider,
announces that it has concluded the sale and ten-year bareboat charters for the
two 12,800 dwt clean petroleum product carriers, acquired in December of last
year. These vessels are under construction at Samho Shipbuilding in Korea with
deliveries scheduled for late 2004 and early 2005.


The transaction has been completed with First Ship Lease Limited ('FSL'), a
company specialising in finance of shipping assets. FSL have taken over the
newbuilding contracts and the vessels will be constructed under the supervision
of James Fisher (Shipping Services) Ltd. On delivery from the yard the ships
will enter 10-year bareboat charters with Fisher. FSL assumes full residual
value risk at the end of the charter period and, subject to certain terms and
conditions, Fisher has the option to extend the charter for a further 5 years.


The bareboat arrangements continue Fisher's fleet development without further
capital commitment. The new tonnage tax regime makes this attractive as the
Company no longer requires capital allowances from the purchase of vessels to
minimise tax.


Fishers acquired the newbuilding contracts in December 2003. At 31 December
2003, payments of £7.3m had been made under the contracts for these vessels and
were held on James Fishers' balance sheet. These payments have been refunded as
a result of the arrangements with FSL. The obligations under the shipbuilding
contracts have been assumed by FSL.


The vessels will join James Fisher Tankships' ('Tankships') eighteen ship fleet
of coastal clean petroleum product carriers. Tankships is the market leader in
this trade, carrying in excess of six million tonnes of product under contract
for the major oil companies.


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


'Our fleet redevelopment plans confirm our ability to provide the oil majors
with a young fleet of quality tonnage. These 12,800 tonne ships are destined to
be used in our existing contract programme, complementing the smaller vessels
and ensuring we always provide the flexibility that customers require.'


Chairman of James Fisher, Tim Harris, commented:


'These bareboats complete the arrangement we intended on purchase of the two
vessels at the end of last year. Fleet modernisation, using bareboat charters,
fits within our declared strategy as a tonnage tax company and, compared with
tax leasing and KG financing alternatives, FSL offered attractive terms.'



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
Paul McManus         Binns & Co PR Ltd                   07980 541893


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