James Fisher’s 2016 results boosted by tidal energy works

James Fisher Marine Services using Aker Wayfarer at the Wave Hub offshore site (Photo: twitter/DAVIAU)

James Fisher reported a 5% revenue increase in its Marine Support unit for 2016 (£203.6 million, up from £193.0 million in 2015), with marine services in offshore wind and tidal energy sectors yielding a 40% higher revenue last year.

The company continued to provide services to the Meygen tidal array project in the Firth of Forth, UK, and also completed a project to install four subsea power cable extensions at the Wave Hub tidal power project in Falmouth, UK.

The Marine Support division, which accounted for 44% of the group’s overall revenue in 2016, saw an underlying operating profit of £21.0 million (up by 8%) with a strong performance at Fendercare and growth in renewables.

Looking ahead, the company forecasts a growing presence in the renewable energy sector, noting that its strongest growth opportunities are currently in Marine Support and Specialist Technical divisions, which have started 2017 with strong order books and a number of active prospects.

In Marine Support, the award of the Galloper offshore wind farm contract together with the acquisition of Hughes Sub-Surface Engineering marked a significant step up in the James Fisher’s presence in the growing renewables market, the company stated.

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