Director Shareholding

Fisher (James) & Sons PLC
31 March 2004


                   James Fisher and Sons PLC ('the Company')

                             Director Shareholding

The Company was notified on 31 March 2004 that Messrs. Buchanan and Shields,
both directors of the Company, had increased their holding of Ordinary Shares of
25p each in the Company ('Ordinary Shares') through the exercise of share
options.

Mr. Buchanan has increased his holding by a net amount of 50,000 Ordinary Shares
representing 0.1 per cent. of the total issued share capital of the Company.
This has been accomplished by the exercise on 31 March 2004 of options over
150,000 Ordinary Shares with an exercise price of 122p per share together with
the sale on the same day of 100,000 of the Ordinary Shares thereby acquired. The
100,000 Ordinary Shares were sold partially to fund the exercise of the 50,000
options and the tax liability resulting from the exercise of those options. They
were sold at a price of 315p.

Following these transactions Mr Buchanan has a beneficial interest in the
Company's issued ordinary share capital of 113,473 Ordinary Shares representing
0.23 per cent. of the Company's total issued ordinary share capital.

Mr. Shields has increased his holding by a net amount of 30,000 Ordinary Shares
representing 0.06 per cent. of the total issued share capital of the Company.
This has been accomplished by the exercise on 31 March 2004 of options over
50,000 Ordinary Shares with an exercise price of 65p per share together with the
sale on the same day of 3,300 of the Ordinary Shares thereby acquired and the
transfer to Mrs. Shields of 41,700 Ordinary Shares and subsequent sale of 16,700
Ordinary Shares. The 20,000 Ordinary Shares were sold partially to fund the
exercise of the 50,000 options and the tax liability resulting from the exercise
of those options. They were sold at a price of 315p.

Following these transactions Mr Shields has a beneficial interest in the
Company's issued ordinary share capital of 103,884 Ordinary Shares representing
0.21 per cent. of the Company's total issued ordinary share capital.

Application will be made to the London Stock Exchange and UK Listing Authority
for 200,000 Ordinary Shares to be admitted to the Official List and to trading
pursuant to the exercise of these options. Admission is expected to occur on 5
April 2004.

31 March 2004




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