James Fisher & Sons Plc (LON:FSJ) rose as it plans to suspend last year’s final dividend of 23.4p per share until further notice.
The provider of marine engineering services also deferred capital expenditure, froze hiring and cut director’s salaries by 20%.
READ: James Fisher lands four-year contract extension for submarine escape and rescue system
As of 31 December net debt was £203mln, while last week the group signed a new £30mln revolving credit facility.
The FTSE 250-listed firm added trading in the first two months of 2020 was ahead of last year.
Shares rose 5% to 1,361.73p on Thursday morning.