A Scottish subsea operations firm has secured a multi-million-dollar contract through its Chinese joint venture.
Inchinnan-based JFD, part of marine services firm James Fisher and Sons, said Wuhu Divex Diving Systems had won the deal with state-owned Shanghai Salvage.
Under the agreement, the joint venture will design and build a 12-man diving system to be used on the Chinese firm’s fleet which carries out salvage and subsea installation work. The contract, which will see the system delivered next year, is a follow-on agreement to a deal worth around £35 million which was awarded to JFD by Shanghai Salvage late last year.
JFD, which also has a base in Aberdeen and is led by managing director Giovanni Corbetta, has worked with Shanghai Salvage for ten years.
It established a joint venture with the Wuhu Diving Equipment Factory in December last year.
The contract announcement came as Cumbria-based James Fisher, which owns a number of businesses in Scotland, reported underlying pre-tax profits rose by 11 per cent to £45.8m in 2016. Revenues increased by 6 per cent to £466m.
Chief executive Nick Henry said the figures reflected the “continued resilience of the James Fisher business model with its well-balanced spread of activities across the marine sector and international markets”.
“We have a positive view of the year ahead and are confident of potential to provide further growth and value for our shareholders,” he added.