JAMES FISHER ACQUIRES PUMP TOOLS LIMITED FOR £7.7M

James Fisher and Sons plc (‘James Fisher’ or FSJ.L) the UK marine services company, announces the acquisition

of Pump Tools Limited (“Pumptools”) for £7,700,000 in cash. Pumptools is estimated to have a

minimum of £400,000 of cash in the company at completion. The consideration is being funded from James

Fisher’s existing debt facilities.

Pumptools designs and manufactures specialist downhole tools and systems for the extraction of oil typically

using electrical submersible pumps (“ESP”). The company has developed a range of innovative systems

and downhole products, building on a core of field proven ESP Dual systems, bypass systems, wireline and

tubing string tools. The company, which is based in Aberdeen and has 21 employees, sells its products and

provides operational support to oil operators, ESP manufacturers and oil service companies with a wide

geographical reach.

The acquisition is complementary to the Group’s existing electrical penetrator business undertaken by Remote

Marine Systems, with many clients and past projects in common. Pumptools will become part of James

Fisher’s growing Specialist Technical Services Division.

Pumptool’s unaudited pre tax profits for the year ended 30 September 2006 were £838,378 (post tax

£580,061) and its gross assets at that date were £2,021,075. The two founders of the business, Stan Foster-

Rooke and Paul Shotter, will remain with the company as will Andrew Leitch whose company, Strata Oil

Tools Ltd, was purchased by Pumptools in November 2005.

Tim Harris, Chairman of James Fisher, said:

“Given its complementarity to Remote Marine Systems, Pumptools is an excellent addition to our Group and

allows us to benefit from the growing trend to extend the life and increase the production of oil fields. On the

strength of its innovative products, this niche company has grown fast and is well respected in its specialist

sector.”

Stan Foster-Rooke, Managing Director of Pumptools said:

“We have been very pleased with the customer response to our market leading products and the company

has now grown to a point where it will be better served within a larger group with the backing to support

future growth. My colleagues and I look forward to developing the business and our product range together

with Remote Marine Systems.”

EC Hambro Rabben & Partners Ltd acted as corporate finance advisors to James Fisher.