Profits leap for firm in Russian submarine rescue

The UK firm whose remote-controlled deep sea rover helped save the lives of seven Russian submariners said today that the division responsible for the rescue drove an 8% rise overall in the group’s first half profits.

Cumbria-based James Fisher said its marine support services arm, which includes the team that carried out this month’s rescue, had increased its own operating profit by 23% to £3.5m (€5.15m).

It said the rescue on behalf of the Royal Navy confirmed its international reputation and added that it hoped to bring the expertise to a wider market.

The James Fisher team used its remote controlled rover to cut fishing net cables which had snagged the Russian mini submarine 625ft down on the Pacific seabed near the far eastern Kamchatka peninsular.

Chairman Tim Harris said: “The success of the mission in saving the lives of the seven Russian submariners has been well-publicised and it is a great credit to the professionalism of the James Fisher team.

“We intend to bring this capability, equipment and know-how to a wider market.”

The company’s James Fisher Rumic arm – part of the marine support services division – operates the Royal Navy’s submarine rescue service from its base in Renfrew, near Glasgow.

It is constantly on alert to fly to submarine emergencies anywhere in the world.

It recently warned that the team could be disbanded if their rescue contract is not renewed, although it gave no update on this today.

The contract with the Ministry of Defence is due to run out in months but bosses hope it will be renewed until 2007 when Rolls-Royce is due to take over the work.

James Fisher Rumic chief executive Nick Henry said recently in a newspaper interview that he hoped Rolls-Royce would subcontract James Fisher to run new equipment, although he could offer no guarantees.

Marine support services is the company’s largest division and was the main force behind a rise in group profits to £7.8m (€11.5m) in the six months to June 30.

James Fisher, which started life as a shipowner in 1847, also supplies engineering services to the nuclear industry in the UK and abroad.