James Fisher & Sons plc (LON:FSJ) said its marine support division saw a “significant number of contract wins" in the first four months of 2018 in a statement released ahead of its annual general meeting on Thursday.
The FTSE 250 marine engineer said trading was in line with management expectations with its marine support, specialist technical and tankships divisions trading well while its offshore oil division showed signs of recovery.
READ: James Fisher & Sons subsidiary awarded marine services contract for UK refinery
The group added that significant contracts wins had originated from the marine services and offshore renewables activities of its marine support division.
The company also said its JFD subsidiary in specialist technical services delivered the first of two rescue submarines and associated equipment to the Indian Navy on time and had received a major milestone payment of £24.5mln linked to the delivery, while new contracts for JFD’s swimmer delivery vehicles had firmed up its medium term outlook.
In the offshore oil division, the firm said orders received for maintenance and repair services had increased from April, while the downhole connectors business had shown good growth since the start of the year.
Looking forward, the group said all four divisions appeared well set, with marine support and offshore oil leading efforts, and that the outlook for the year was positive.
The update followed the award of a £50mln marine services contract in April for James Fisher's subsidiary, James Fisher Marine Services, to support a UK based refinery.
In late-afternoon trading Thursday, James Fisher & Sons shares were up 3.4% at 1,764p.
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