Revenues at James Fisher and Sons PLC (LON:FSJ) dropped by 18% during the second quarter of 2020, reflecting continued downward pressure on oil and gas prices.
In Fisher’s Marine Support division, the second quarter saw subsea service projects being deferred, in both renewables and in the oil and gas sector, together with supply chain challenges due to Covid-19 across all businesses.
As a result, Marine Support's financial performance will be lower in the first half, year-on-year, despite the ship-to-ship oil transfer business trading strongly during that period. This division will now be restructured.
The Specialist Technical division has proved resilient.
Offshore Oil, which had good momentum entering 2020, traded well despite the challenges of Covid-19 and will report improved profitability compared to the first half of 2019. The division has secured a number of marine infrastructure decommissioning projects in Asia during the first half.
Tankships traded well through the first four months of 2020, but shipments of clean petroleum products inevitably reduced during May and June as a consequence of the UK and Irish lockdown.
Net debt was approximately £175mln at the end of June, compared to £203mln at the year end.
The half year results are scheduled to be announced on 25 August 2020.