Cumbria-based marine-services provider James Fisher & Sons has acquired an Australian company for £1.5 million.

Cowan Manufacturing PTY is based in New South Wales, where it produces and supports transportable recompression chambers and other life-support equipment for the Australian navy and other defence markets.

Chief executive Nick Henry said: “The acquisition of Cowan broadens the group’s offering to the Australian navy and further enhances our capability in the defence and commercial diving sectors.”

Earlier this year, James Fisher chairman Charles Rice (pictured) confirmed his intention to retire at the AGM on 3 May.

Malcom Paul, who is currently the company’s senior independent director, is set to succeed him.