Fisher (James) & Sons plc Mozambique update (9428W)

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RNS Number : 9428W

Fisher (James) & Sons plc

29 December 2021

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation No 596/2014.

29 December 2021

James Fisher and Sons plc

Mozambique update

James Fisher and Sons plc (FSJ.L) ('James Fisher', 'the Group'), the leading marine service provider, today confirms that it has received all outstanding funds relating to the suspended LNG project in Mozambique.

-- The funds received reduce net debt and provide further headroom against the Group's year-end banking covenant tests.

-- The Group has settled all outstanding claims in relation to the suspended LNG project in Mozambique and accordingly has withdrawn its arbitration proceedings.

-- The agreement settles claims in relation to work performed before the suspension of the project and covers the Group's outgoings in relation to costs incurred during the suspension of the project in 2021.

-- The terms of the settlement also cover the Group's costs through 2022 in the event that the project does not resume in the short term.

The Board reiterates its guidance that Underlying Operating Profit for the full year, before separately disclosed items, is expected to be in the range of GBP27m - GBP32m, and expects the Group to remain in compliance with its banking covenants.

For further information

 
                                          Chief Executive 
                                           Officer 
 James Fisher and    Eoghan O'Lionaird     Chief Financial 
  Sons plc            Duncan Kennedy       Officer            020 7614 9508 
 FTI Consulting      Richard Mountain                         020 3727 1340 
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