StockMarketWire.com - Marine services provider James Fisher and Sons said its first-half revenue 10% as lower oil prices and weakness in its marine support business dented performance.

The decline in the six months through June included an 18% slump in the second quarter.

'The imbalance between supply and demand in the oil and gas sector has continued to place downward pressure on oil prices since then and this may persist for some time,' the company said.

Marine support's financial performance would be lower in the first half, year-on-year, owing to delays to subsea service projects and coronavirus-led supply chain challenges.

'We have taken the decision to restructure the division, reduce the cost base and refresh the management structure, which will provide clearer strategic and operational direction going forward,' James Fisher and Sons said.

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