Information  X 
Enter a valid email address

Hamworthy plc (HMY)

  Print      Mail a friend

Wednesday 08 July, 2009

Hamworthy plc

Acquisition

RNS Number : 2970V
Hamworthy plc
08 July 2009
 




Press Release 

8 July 2009


Hamworthy plc


("Hamworthy" or the "Group")


Acquisition of gas and separation systems businesses


Hamworthy (AIM:HMY), a world leader in the design and manufacture of specialist systems and services for the marine and oil & gas industries, today announces that it has signed a legal agreement to acquire the business and assets of the Technology & Products division of Aibel AS, the Norwegian oil services company.


The cash consideration for the acquisition will be £3.5 million payable upon completion with an additional amount of up to £2.7 million payable upon achievement of certain performance criteria over the next two years. The business had revenues of £13 million for the 12 months to 31 December 2008. A further announcement will be made on completion.


Aibel Technology & Products provides leading technologies to the offshore oil & gas market that are used to increase the efficiency of oil production and ensure the safe handling of cargoes. The principal products are electrostatic coalescers for the enhanced separation of oil and water during the oil production process, hydrocarbon blanketing systems to ensure the safe handling of cargo on FPSOs, flare gas ignition systems and flare gas recovery systems.  The electrostatic coalescers are used by customers experiencing operational challenges such as heavy oils and increased water production from maturing fields whilst the hydrocarbon blanketing and flare gas systems provide solutions to help customers safely reduce emissions and achieve zero flaring objectives.


The acquisition will report as part of the Group's Gas Systems division.


Joe Oatley, Chief Executive of Hamworthy, said: "This acquisition represents continued progress on implementing our strategy of expanding the Group's presence in the offshore oil & gas market. It will bring leading, patent protected, technologies into the Hamworthy Group and provide exciting opportunities for long term growth."


- Ends - 


For further information:

Hamworthy plc


Joe Oatley, Chief Executive 

Tel: +44 (0) 1202 662 600

Paul Crompton, Finance Director

www.hamworthy.com


Hawkpoint Partners Limited


Christopher Kemball

Tel: +44 (0) 20 7665 4500

Vinay Ghai

www.hawkpoint.com


Media enquiries:

Abchurch


Henry Harrison-Topham / George Parker

Tel: +44 (0) 20 7398 7702

henry.ht@abchurch-group.com

www.abchurch-group.com


Notes to editors


Hamworthy is a leader in the design and manufacture of innovative gas handling, pumping and water management systems for the marine and oil & gas industries. The business benefits from markets that have long-term growth prospects. It produces technically advanced solutions, often in response to environmental needs and legislation.

 

With its headquarters in the UK, operations in 13 countries and representation in over 50, the Group has established a leading global position in its chosen markets. Further information on Hamworthy plc can be found at www.hamworthy.com


Aibel AS ("Aibel") is one of the largest Norwegian oil service companies that engineers, builds, maintains and modifies oil and gas production facilities. Hamworthy has agreed to acquire the business and assets of the Technology and Products division of Aibel comprising Separation solutions and Gas solutions.  More detailed information on this division can be found at www.aibel.com


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ACQIFFLIDDIDIIA