A slump in oil prices has hit the revenues of a Barrow headquartered marine company.

James Fisher and Sons posted a half year trading update saying group revenue in the second quarter was 18 per cent lower than the same period in 2019. For the first half, group revenue was 10 per cent lower than the comparative period in 2019.

The update stated: "The effects of Covid-19 on the group have been exacerbated by a sharp fall in the price of oil.

"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.

"In marine support, the second quarter saw subsea service projects being deferred, in both renewables and in the oil and gas sector, together with supply chain challenges due to Covid-19 across all businesses.

"As a result, marine support's financial performance will be lower in the first half, year-on-year, despite the ship-to-ship oil transfer business trading strongly during that period.

"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."

However, it said its specialist technical sector had performed "satisfactorily with both the nuclear and defence segments proving resilient".

Its offshore oil division was also expected to be more profitable compared to the first half of 2019.

Net debt was estimated at approximately £175m.