Energy | James Fisher and Sons plc

Our Energy reporting division.

James Fisher's Energy businesses supply a range of services and equipment to the global oil and gas and renewable energy industries.

This includes the design and engineering of specialist equipment and technology, specialised artificial lift completion technology, platform maintenance and modification, well testing support and subsea operations and maintenance services.

Energy Division results

Revenue (£m)

£242.6m

£266.5m

20222023

Statutory operating profit/(loss) (£m)

£16.4m

£9.5m

20222023

Underlying operating profit (£m)

£13.9m

£15.7m

20222023

Return on capital employed (%)

8.0%

9.3%

20222023

2023 Divisional performance

In 2023, the Division increased revenue c.10% to £266.5m with operating profit increasing by c.13% to £15.7m.

Highlights included:

Strong performance from well testing, bubble curtain and artificial lift products
Expanded artificial lift products and service offerings from new manufacturing base on Saudi Arabia
Awarded UK "Innovation in Decommissioning Award" for SEABASS plug and abandonment solution
Strong demand for our technologies, secured our first US contract for bubble curtains
Joint collaboration agreement signed for offshore wind operation and maintenance (O&M) services in Japan to support Northeast Asia geographical expansion
Launch of James Fisher Academy to deliver skills and competency for offshore wind services

Against the backdrop of heightening focus on energy security, demand for well testing and production optimisation services remained strong, particularly in the US, Middle East and Latin America. This was demonstrated through excellent performance in the well testing and artificial lift Product Lines.

By contrast, the decommissioning market remained challenging, and the business will focus more on selective bidding, aligned to margin delivery and stronger operational performance. Renewable offshore wind market conditions improved from 2022 to 2023 and the business returned to break-even through a combination of selective bidding, technology differentiation and geographical expansion. Offshore wind market conditions are expected to remain flat in 2024 but are set to improve in 2025 and the Division will focus its core strengths on construction, operations and maintenance, data management and digital solutions. This includes geographic expansion through key strategic partnerships and collaborations.

The business within the Energy financial reporting division

James Fisher understanding of the challenges our customers face and the complexities posed by the environments in which they operate.

Scan Tech AS

Scan Tech AS is a leading provider of ATEX (ATmospheres EXplosives) products and support services to the energy sector.

Its equipment is designed and certified to NORSOK standards and supplied to the Norwegian oil and gas market for platform maintenance, well testing and specific projects. The driver for the business is the operation and maintenance spend on offshore rigs in the Norwegian sector.

ScanTech Offshore

A leading provider of solutions to the well testing and offshore wind markets worldwide.

Specialised solutions include, environmental mitigation equipment, air compressors, steam generators, heat suppression equipment and qualified personnel for large multinational oil service and major marine contracting companies.

The driver for the business is the operation and maintenance spend on offshore rigs and the need to protect the marine environment with noise mitigation during offshore piling operations and unexploded ordnance (UXO) disposal.

RMSpumptools

A world leader in specialised artificial lift completion technology and innovative accessory tools for electrical submersible pumps supplied to the global downhole oil and gas market.

The driver for the business is the need to improve well productivity.

Specialist Technical businesses supply equipment and services

James Fisher Offshore

Provides engineering solutions, equipment and full project support for offshore and subsea operations in the oil and gas and marine sectors.

Its market driver is maintenance, inspection and repair demand, and subsea pipeline and cable projects in the oil and gas, renewables and communication sectors with a particular focus on offshore decommissioning.