New Tanker Launched

Fisher (James) & Sons PLC
2 August 2004


For release                                                        2 August 2004
                                   





                          NEW TANKER LAUNCHED IN KOREA


James Fisher & Sons plc, one of the UK's leading marine services providers,
announces that it has launched a new tanker, the Cumbrian Fisher, in the Samho
Shipbuilding Company Ltd in Korea. The vessel, a clean product/chemical carrier,
will go on sea trials in September for delivery towards the end of the year. A
sister ship is also under construction at the same yard for delivery early in
2005.


The Cumbrian Fisher will enter service with James Fisher Tankships and is one of
four ships currently under construction as part of the ongoing fleet development
giving James Fisher the most modern fleet in its market. In addition to these
two 12,800 dwt vessels, the Cumbrian Fisher and a sister ship, two new 4,000 dwt
vessels are planned.


The Company's intention is to replace smaller and older ships by bareboat
charters in line with its commitment to develop further the fleet at minimal
capital cost. This strategy has greatly benfitted from the Tonnage Tax regime
which removes the need for ship purchases to enable an operator to benefit from
capital allowances.


The average age of James Fisher's fleet is already lower than that of its main
competitors but the Company intends to maintain this advantage and build a
modern fleet that will establish market leadership in the UK.


Nick Henry, Managing Director of James Fisher Tankships, said: 'We are committed
to investment in new tonnage to serve our customers' needs. As ship owners and
managers, our expertise and experience are in specifying and overseeing new ship
constructions. Through our fleet modernisation programme, our aim is to build a
competitive and modern fleet.'


ENDS



For further information contact:


Tim Harris                James Fisher & 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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