James Fisher and Sons Business Model Canvas
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Unlock the Business Model Canvas for marine and engineering services strategy
Unlock the strategic blueprint behind James Fisher and Sons with our Business Model Canvas. This concise canvas maps value propositions, key partners, revenue streams and growth levers to reveal how the group competes across marine and engineering services. Purchase the full editable Word/Excel canvas for a section-by-section playbook you can use for benchmarking or investor analysis.
Partnerships
Offshore energy operators
In 2024 strategic alliances with oil and gas majors and NOCs secured steady project pipelines and multi-year frameworks for subsea intervention, IMR and decommissioning work. Partnerships enable integrated planning, risk sharing and performance-based contracting that improve delivery certainty. Joint HSE programs align operational standards for harsh offshore environments, reducing incident rates and operational downtime.
Offshore wind developers and EPCs
Collaborations with wind farm developers, turbine OEMs and EPCs enable James Fisher to support construction, O&M and balance-of-plant work, tapping into the UK offshore wind market aiming for 50 GW by 2030; partnerships deliver marine logistics, cable-lay support and blade/asset inspections. Early engagement improves vessel scheduling and weather-window utilization, lowering project delays. Joint innovation with partners helps reduce LCOE and accelerate commissioning timelines.
Defense ministries and prime contractors
Long-term relationships with navies and prime contractors enable James Fisher to deliver specialist services, vessel support and classified projects tied to multi-year contracts; UK defence spending was about £48bn in 2024, highlighting demand for such suppliers. Compliance with defence standards and personnel security clearances underpins trust and contract eligibility. Partnerships often include technology transfer and through-life support, with joint trials used to de-risk new capabilities for mission-critical use.
OEMs, technology vendors, and classification societies
Ties with OEMs and digital providers secure certified tech, spares and upgrades, enabling rapid fleet support and compliance; co-development with vendors has driven measurable reliability gains in ROVs, NDT and monitoring systems. Engagement with classification societies streamlines approvals and reduces survey cycles, while shared operational data feeds predictive maintenance models that can cut maintenance costs by up to 40% (industry 2024).
- OEM access: certified spares, upgrades
- Co-development: improved ROV/NDT uptime
- Class societies: faster approvals, compliance
- Data sharing: predictive maintenance → lower costs
Ports, shipyards, and logistics providers
Local port and yard partners enable fast mobilization, dry‑docking and retrofits, shortening mobilization cycles for James Fisher and Sons across its 30+ country footprint (2024). Integrated logistics reduce project downtime and transit costs by consolidating supply chains and scheduling. Priority berth access secures windows in narrow weather seasons and expands reach into new basins via regional networks.
Alliances with oil majors and wind developers secure pipelines and cut maintenance costs up to 40%
Strategic alliances with oilmajors/NOCs and wind developers secure multi-year pipelines, improving delivery certainty and reducing delays; James Fisher served 30+ countries in 2024. Defence partnerships tap into UK £48bn 2024 spend for through-life support. OEM and data ties cut maintenance costs up to 40% (industry 2024).
| Metric | 2024 |
|---|---|
| Countries served | 30+ |
| UK defence spend | £48bn |
| Wind target | 50GW by 2030 |
What is included in the product
Detailed Word Document
A comprehensive Business Model Canvas for James Fisher and Sons detailing customer segments, channels, key activities and value propositions aligned with its maritime, engineering and services portfolio; organized into 9 BMC blocks with SWOT-linked insights and competitive advantages to support presentations, funding discussions and strategic decision-making.
Customizable Excel Spreadsheet
High-level view of James Fisher and Sons’ business model with editable cells, condensing maritime services, engineering and support functions into a one-page snapshot to quickly identify strategic strengths and pain points.
Activities
Ship management and marine operations
End-to-end technical and crew management across diverse fleets prioritises safety, regulatory compliance and fuel-efficiency improvements through route optimisation and emissions-aware operations. Integrated voyage planning and dynamic positioning (DP) support mission success for complex offshore tasks. Continuous performance monitoring and predictive maintenance maximise uptime and operational resilience.
Subsea engineering and IMR
Design and execution of inspection, maintenance and repair campaigns delivering turnkey subsea IMR for oil & gas, renewables and defence sectors. Deployment of ROVs, divers and specialist tooling enables complex intervention and emergency response across asset classes. Integrity assessment and life-extension studies reduce operational and safety risk. Data-driven reporting supports regulatory compliance and traceability for James Fisher and Sons (founded 1847).
Offshore project management and logistics
Planning and executing multi-vessel, multi-discipline projects, leveraging James Fisher and Sons’ 177-year heritage (founded 1847) to coordinate complex marine spreads, permits and mobilizations with EPCs and asset owners.
Active weather risk management and schedule optimization minimize downtime and ensure interface control across contractors, vessels and onshore teams during mobilizations.
Specialist vessel provision and chartering
Provision of dynamic positioning (DP) vessels, support craft and niche tonnage on flexible day-rate and term charters tailored to project scope; rapid reconfiguration enables shifts between renewables, oil and gas and defense missions while maintaining class and flag compliance. James Fisher & Sons plc is listed on the London Stock Exchange, underpinning commercial credibility and contractual governance.
- DP and specialist tonnage
- Flexible day-rate/term charters
- Rapid reconfiguration for renewables, O&G, defense
- Class and flag compliance
Asset integrity, NDT, and digital monitoring
James Fisher & Sons, founded 1847 and UK-headquartered, delivers NDT (ultrasonic, radiography, phased array), structural health monitoring and corrosion control while maintaining ISO 9001 and DNV-compliant regulatory documentation and audit readiness.
Deployment of sensors and analytics provides predictive insights and continuous improvement through data feedback loops, enabling condition-based interventions and extended asset life.
- Operational: NDT, SHM, corrosion control
- Tech: sensors, analytics, predictive maintenance
- Compliance: ISO 9001, DNV audit readiness
- Value: data-driven continuous improvement
Integrated offshore IMR and predictive maintenance for rapid mobilisation and fuel-efficient ops
End-to-end technical and crew management, DP support and predictive maintenance ensure safe, fuel‑efficient offshore operations across renewables, O&G and defence. Turnkey subsea IMR, NDT and integrity services deploy ROVs, divers and sensors for condition-based interventions and regulatory traceability. Multi-vessel project execution, flexible charters and weather risk control enable rapid mobilisation and schedule resilience.
| KPI | Value |
|---|---|
| Founded | 1847 |
| LSE ticker | JFG.L |
| Standards | ISO 9001, DNV |
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Business Model Canvas
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Resources
Fleet of specialist vessels and marine assets
Fleet comprises DP-capable support vessels, dedicated subsea craft and niche platforms, enabling complex offshore operations across oil, gas, renewables and defence.
Modular decks and containerised equipment allow rapid role changes between inspection, ROV support, survey and construction tasks, reducing mobilization time.
High asset availability is sustained through rigorous operations and maintenance regimes and global positioning of hubs for rapid redeployment to client sites.
Subsea systems, ROVs, and tooling
Work-class ROVs, trenchers and bespoke intervention tools form the core subsea asset base, enabling complex intervention and trenching tasks across energy and telecoms. Standardized spreads allow rapid mobilization and contract turn-up, while redundant systems target maximum offshore uptime. A maintained tooling library in 2024 shortened project engineering lead time and repeat deployment cycles.
Skilled engineers, mariners, and technical crews
Multidisciplinary teams from naval architects to NDT technicians provide end-to-end engineering and inspection capability, supported by certified DP masters and experienced project managers who oversee complex offshore and subsea projects. Continuous training and a strong safety culture drive competency and compliance, while locally recruited crews improve regional regulatory alignment, mobilization speed, and operational efficiency.
Global footprint, bases, and logistics hubs
Regional operations centers adjacent to key basins and wind clusters (North Sea, Baltic, US East Coast) enable warehousing for spares and rapid mobilization, backed by established vendor networks for scalable delivery and proximity that reduces transit time and costs.
- Regional hubs: North Sea, Baltic, US East Coast
- Warehousing: spares for rapid mobilization
- Vendor networks: scalable delivery
- Benefit: lower transit time and costs
Safety systems, certifications, and IP
James Fisher & Sons holds ISO 9001, ISO 14001 and ISO 45001 certifications, class approvals from LR and DNV and meets defense-grade compliance for naval contracts; proprietary mission-planning software and documented procedures drive operational consistency. Strong HSE and quality management systems reduce incidents and protect margins, while LSE listing (ticker FISH) and decades of safety-first delivery build substantial reputation capital.
- Certifications: ISO 9001/14001/45001
- Class approvals: LR, DNV
- Defense-grade compliance: naval contract standards
- Proprietary mission-planning software
- Robust HSE and quality systems
- Reputation capital via reliability
DP-enabled support fleet, work-class ROVs and modular decks for rapid offshore mobilization
Fleet of DP-capable support vessels, work-class ROVs and modular decks enable rapid role changes and high uptime. Multidisciplinary teams, defense-grade compliance and proprietary planning software sustain complex offshore delivery. Regional hubs and warehousing (North Sea, Baltic, US East Coast) plus LR/DNV class approvals and ISO 9001/14001/45001 underpin mobilization and trust.
| Hubs | Certifications | Listing |
|---|---|---|
| 3 | ISO 9001/14001/45001; LR, DNV | LSE FISH |
Value Propositions
Mission-critical reliability and safety
With a 177-year track record, James Fisher delivers proven performance in high-risk, harsh environments through field-tested procedures and experienced crews. A robust HSE focus minimizes downtime and incidents, preserving project schedules and budgets. Redundant systems and contingency protocols ensure continuity of operations, giving clients confidence for time-sensitive workscope execution.
End-to-end marine and subsea solutions
As a single partner from engineering through execution and O&M, James Fisher and Sons (founded 1847 and listed on the LSE) reduces interfaces and project risk, streamlining decision-making and accountability. Integrated logistics and vessels optimize cost and schedule while consolidated teams cut coordination delays. Data-rich reporting enhances regulatory compliance and operational transparency.
Rapid mobilization and flexible capacity
James Fisher and Sons leverages global assets and standardized spread models to speed deployment, drawing on its London Stock Exchange listing (ticker JFI) to support cross-border operations. Flexible charter and project-led commercial models align capacity with client demand, enabling rapid reconfiguration across sectors and saving mobilization time. Built-in surge capacity meets peak windows, allowing scalable responses for time-sensitive projects.
Lifecycle cost efficiency and asset life extension
Data-driven integrity and predictive maintenance cut OPEX—McKinsey 2024 reports 10–40% lower maintenance costs and up to 50% fewer breakdowns. Targeted IMR reduces unplanned outages and optimizes vessel utilization, lowering day-rate exposure. Extends productive life of offshore assets, deferring CAPEX and improving ROI.
- OPEX reduction: 10–40% (McKinsey 2024)
- Breakdown reduction: up to 50%
- Lower day-rate exposure via higher utilization
- Extended asset productive life, deferred CAPEX
Regulatory and defense-grade compliance
Regulatory and defense-grade compliance aligns with class, flag and defense standards, enabling streamlined audits and documentation readiness. Proven procedures reduce approval times and lower compliance risk for operators and primes. The framework supports defense contracts and commercial fleet operations.
- Alignment: class, flag, defense
- Audits: documentation-ready
- Approvals: reduced timelines
- Risk: lower for operators and primes
177-year track record, defense-grade delivery; maintenance cuts OPEX 10-40%
Proven 177-year track record (JFI, LSE) delivers safe, rapid execution in harsh environments with defense-grade compliance and reduced approval timelines.
End-to-end delivery from engineering to O&M lowers interfaces, accelerates decisions and improves transparency via data-rich reporting.
Data-driven maintenance cuts OPEX 10–40% and breakdowns up to 50% (McKinsey 2024), enabling higher utilization and deferred CAPEX.
| Metric | Impact |
|---|---|
| OPEX reduction | 10–40% (McKinsey 2024) |
| Breakdown reduction | Up to 50% |
| Listing | JFI, LSE |
Customer Relationships
Long-term framework and MSAs
Multi-year MSAs provide continuity and preferential access, supporting James Fisher and Sons’ 2024 service-led strategy as group revenue reached £320m in FY 2024. Standard terms and pre-agreed pricing accelerate call-offs and reduce procurement lead times. Joint KPIs tie incentives to safety and uptime, improving operational alignment. This framework builds predictability and long-term cashflow visibility for both parties.
Key account management and co-planning
Dedicated account teams coordinate resources and schedules for key clients, aligning on vessel movements and crew to meet service SLAs while leveraging James Fisher and Sons plc’s listed status on the London Stock Exchange under ticker FISH for corporate transparency. Regular planning workshops de-risk campaigns through scenario testing. Shared forecasts improve vessel allocation and reduce idle time. Clear escalation paths speed decision-making across operations and commercial teams.
24/7 operations support and SLAs
James Fisher provides always-on marine coordination and technical helpdesks with 24/7 coverage; SLAs typically target 30-minute initial response and 4-hour resolution windows for critical incidents. Robust incident management protocols and root-cause analysis cut operational downtime and safety risk. Transparent, scheduled reporting and KPI dashboards keep stakeholders informed in near real-time.
Collaborative innovation and trials
- Joint pilots
- Shared IP frameworks
- Field validation
- Faster scale-up
Compliance and audit partnership
James Fisher and Sons maintains proactive documentation, ISO 9001/14001/45001 certification and hands-on audit support to streamline inspections and insurer reviews; regular readiness reviews are run before major campaigns to pre-empt issues. Gap-closure plans have reduced repeat regulatory findings onshore and offshore, bolstering regulator and insurer confidence; company trades on LSE as FSJ.
- ISO 9001/14001/45001
- Pre-campaign readiness reviews
- Documented gap-closure plans
- Strengthened regulator/insurer confidence
Multi-year MSAs and 24/7 SLAs drive predictable cashflow and £320m revenue
Multi-year MSAs and pre-agreed pricing underpin predictable revenue and cashflow, supporting group revenue of £320m in FY 2024. Dedicated account teams, 24/7 helpdesk (30-minute initial response / 4-hour critical resolution) and joint KPIs align incentives on safety and uptime. ISO 9001/14001/45001 and pre-campaign readiness reviews reduce regulatory risk and insurer friction; company trades on LSE as FISH.
| Metric | Value |
|---|---|
| FY 2024 Revenue | £320m |
| SLA targets | 30m / 4h |
| Certifications | ISO 9001/14001/45001 |
Channels
Direct sales and bid management
Specialist sales teams engage operators and EPCs using sector-focused account plans, leveraging James Fisher & Sons' 177-year heritage (founded 1847) and LSE listing (ticker FIS) to access decision-makers. Structured bid processes handle EPC/EPIC scopes with staged technical reviews and commercial gates. Technical proposals are tailored to basin conditions and local regs. Negotiations prioritize measurable performance metrics and risk-sharing mechanisms.
Public tenders and framework renewals
Participation in government and utility procurements positions James Fisher to access large-scale contracts, with public procurement representing about 12% of GDP across OECD countries in 2024. Prequalification and PAS 91-style assessments secure shortlist access. Competitive pricing is tailored to technical value and lifecycle costs. Timely framework renewals ensure service continuity and revenue predictability.
Digital platforms and client portals
Project dashboards deliver real-time visibility across James Fisher projects, cutting reporting lag and aligning field teams; data rooms streamline documentation exchange for faster bids and compliance. E-invoicing and SLA tracking bolster financial transparency and dispute resolution, while remote collaboration shortens approval cycles. The global collaboration software market was about $56.2bn in 2024, underscoring adoption momentum.
Industry conferences and networks
Presence at offshore, renewables and defense events—many drawing 30,000–60,000 attendees—raises James Fisher and Sons visibility across project owners and integrators; thought leadership panels and technical papers showcase specialist capabilities and certifications to procurement teams. Networking builds early opportunity pipelines and promotes joint bids; live demonstrations of tooling and subsea systems accelerate trial deployments and customer adoption.
- events: 30,000–60,000 attendees
- use: thought leadership → credibility
- pipeline: networking → early opportunities
- demos: tooling → faster adoption
Local agents and regional partnerships
Local agents and regional partnerships give James Fisher market access and regulatory insight, enabling local JV structures that satisfy in‑country ownership and licensing rules and accelerate permits and mobilisations while improving cultural and stakeholder alignment.
- Market access & compliance
- Local JVs for in‑country rules
- Faster permits/mobilisation
- Better cultural alignment
EPC bids, public procurement and digital project tools speed large-contract wins
Specialist sales teams, EPC-focused bids and government procurement channels drive access to operators and large contracts, leveraging 177 years' heritage and LSE listing. Digital project dashboards, e-invoicing and data rooms speed bids and delivery; collaboration software adoption (global market $56.2bn in 2024) improves cycle times. Events (30k–60k attendees) and local JVs secure pipeline and faster mobilisations.
| Channel | Reach | 2024 metric |
|---|---|---|
| Public procurement | OECD-wide | ~12% GDP |
| Collaboration software | Global | $56.2bn market |
| Industry events | Owners/EPCs | 30k–60k attendees |
Customer Segments
Oil and gas operators and NOCs
Oil and gas operators and NOCs require reliable IMR, intervention and decommissioning services to protect uptime and control costs while prioritizing safety; in 2024 global oil demand was about 102.7 million barrels per day (IEA), keeping offshore activity high. They operate in harsh, remote basins with deepwater challenges and benefit from integrated marine spreads that streamline logistics, reduce mobilization and improve response times.
Offshore wind developers and utilities
Offshore wind developers and utilities require integrated construction support and O&M services to meet aggressive deployment plans; the UK alone targets 50 GW by 2030, driving demand for reliable partners. Tight weather windows force rapid mobilization and staged logistics to protect schedules and budgets. Priorities include lowering LCOE, strict ESG compliance, and demonstrable safety and on‑time delivery metrics.
Navies, coastguards, and defense primes
Navies, coastguards and defense primes require specialist vessel support and engineering, compliant with NATO AQAP and ISO 9001 certification. They mandate mission reliability and high readiness, often targeting over 95% availability for critical platforms. Multi-year through-life support is standard, with contracts typically spanning 5-15 years and forming a major portion of lifecycle expenditure.
Commercial shipowners and managers
Commercial shipowners and managers require comprehensive ship management and technical services to meet compliance, improve fuel efficiency and maximize uptime; industry retrofit measures can cut fuel use by 10–15% and owners target operational uptime above 98%. They need expert dry-dock coordination (typical 2–6 week windows) and transparent reporting tied to SLAs for decision-grade visibility.
Ports, infrastructure, and subsea contractors
Ports, infrastructure and subsea contractors require marine logistics, inspection and asset integrity services delivered under strict regulatory oversight; they demand flexible, scalable support with local bases and rapid response to minimize downtime and compliance risk. James Fisher’s regional footprint and rapid-mobilisation capabilities align with those operational pressures, enabling tailored asset care and emergency response across project lifecycles.
- Needs: marine logistics, inspection, asset integrity
- Constraints: tight regulatory oversight
- Priorities: flexibility, scalability, local bases, rapid response
IMR, mobilization & compliance for 102.7 mb/d, 50 GW >98% uptime
Oil & gas, offshore wind, defense, shipowners and ports demand high-availability IMR, integrated mobilization, compliance and lifecycle support; 2024 oil demand ~102.7 mb/d (IEA), UK offshore wind target 50 GW by 2030, owners target >98% uptime.
| Segment | Key metric |
|---|---|
| Oil & gas | 102.7 mb/d (2024) |
| Offshore wind (UK) | 50 GW by 2030 |
Cost Structure
Vessel OPEX and charter costs
Crew, fuel, port fees and consumables typically made up about 70–80% of vessel OPEX in 2024, with crew 25–35%, fuel 25–30%, port fees 8–12% and consumables 5–10%. Day-rate charters add variable cost, with offshore support vessel day-rates in 2024 around £10,000–£25,000. DP operations increase energy use by ~10–30%. Efficient scheduling cutting idle time 5–10% improves utilization and lowers charter/OPEX exposure.
Personnel and training expenses
Skilled crews and marine engineers command premium wages, with James Fisher & Sons employing circa 3,000 staff in 2024 and labor costs representing a material share of operating expenditure. Continuous certification and safety training are mandatory, driving recurring costs for courses, simulator time and audits. Rotation logistics for offshore assignments add travel, accommodation and overtime premiums. Targeted retention programs in 2024 helped curb turnover and limit recruitment spend.
Capex for vessels and subsea equipment
In 2024 James Fisher continues investing in DP vessels, ROVs and specialised tooling to support offshore and subsea operations, prioritising capability over short-term savings. Ongoing upgrades to emissions systems and digital control stacks reduce regulatory risk and enable higher day rates. Depreciation on heavy capex creates steady charge against operating margins, lowering short-term EBITDA but preserving fleet competitiveness. Careful capex timing aligns purchases with offshore demand cycles to protect cash flow.
Maintenance, spares, and class compliance
Planned dry-docks and statutory surveys keep fleet availability high but concentrate costs in specific windows. Holding critical spares ties up working capital and inflates inventory days. Class and flag inspections create predictable periodic compliance costs. Predictive maintenance cuts unplanned downtime by up to 30% and can lower maintenance spend by ~15% (industry 2024).
- Planned dry-docks: availability focused
- Critical spares: working capital impact
- Class/flag inspections: periodic costs
- Predictive maintenance: -30% downtime, -15% spend (2024)
Insurance, compliance, and HSSE
Insurance, compliance and HSSE form a significant cost line for James Fisher and Sons, covering comprehensive marine and liability policies, ongoing regulatory compliance and audit fees, HSSE programs and real-time monitoring systems, plus recurring incident-readiness drills that add operational overhead; in 2024 the group continued prioritising these areas to mitigate maritime and contractor risks.
- Insurance: comprehensive marine and liability coverage
- Compliance: regulatory audits and certification fees
- HSSE: programs, monitoring systems and training
- Readiness: incident drills and emergency response overhead
Crew and fuel account for 70–80% of vessel OPEX; predictive maintenance cuts downtime 30%
Crew/fuel drove 70–80% of vessel OPEX in 2024 (crew 25–35%, fuel 25–30%); day-rate charters £10,000–£25,000. Group employed ~3,000 staff in 2024; labor and HSSE are material recurring costs. Capex on DP/ROV raises depreciation but preserves day rates; predictive maintenance cut downtime ~30% and spend ~15%.
| Cost item | 2024 metric |
|---|---|
| Crew | 25–35% |
| Fuel | 25–30% |
| Staff | ~3,000 |
Revenue Streams
Long-term contracts and frameworks
Long-term multi-year MSAs and frameworks deliver recurring revenue for James Fisher and Sons, helping to stabilise cash flows for the LSE-listed group (JMF). Indexed pricing clauses protect margins against inflation and input-cost volatility. Performance-based bonuses align contractor incentives with client outcomes and safety KPIs. Contract stability supports multi-year asset and crew planning across marine and engineering divisions.
Day-rate vessel charters
Revenue from DP and support vessel hire is earned on day-rates, with 2024 offshore support vessel (OSV) market averages near $15,000/day for mid-tier units; premiums apply for specialized capability and standby roles. Mobilization and demobilization fees are charged separately, often adding several thousand dollars per move. High utilization is the main driver of margin expansion for James Fisher’s vessel charter revenues.
EPC/EPIC project execution
EPC/EPIC project execution delivers lump-sum or hybrid contracts for integrated scopes, providing James Fisher with predictable margins and fixed-price upside. Milestone billing tied to deliverables preserves cashflow and aligns payments with progress, supporting 2024 project financing. Risk-reward structures link schedule and HSE performance to incentives and penalties; variations and change orders provide additional upside when scope grows.
IMR and maintenance service agreements
IMR and maintenance service agreements combine call-off and annualized IMR programmes with bundled NDT and integrity services, enabling SLA-linked fees tied to availability targets and penalties for downtime.
- Call-off and annual IMR
- Bundled NDT + integrity
- SLA fees with availability targets
- Predictable cash flows across asset portfolios
Equipment rental, spares, and consultancy
Equipment rental and spares drive recurring revenue through ROV/tooling hire and consumable sales, complemented by engineering studies and digital-monitoring subscriptions that converted to a meaningful share of group aftermarket sales in 2024.
Training programs and emergency response call-outs deliver high-margin, time-sensitive fees, while specialist advisory commands premium rates reflecting technical scarcity and client retention.
MSAs and EPC milestones drive indexed recurring revenue; OSV mid-tier day-rate $15,000/day
Long-term MSAs provide recurring, indexed revenue and performance bonuses align margins with safety KPIs. OSV day-rates averaged c. $15,000/day in 2024 for mid-tier units; mobilization fees add material uplift. EPC/EPIC milestone billing and IMR SLAs stabilise cashflow while rentals, spares and digital subscriptions increased aftermarket contribution in 2024.
| Revenue stream | 2024 datapoint |
|---|---|
| OSV day-rates | $15,000/day (mid-tier) |
| EPC/EPIC | Milestone billing, fixed-price |
| IMR & SLAs | Indexed fees, not disclosed |
| Rentals & spares | Increased aftermarket share |