Marine engineer Hamworthy described the LNG market as ‘dynamic’ as it confirmed it was on course to meet expectations for the year ending 31 March 2012.
The group, which announces interim results on 22 November, saw its order book advance from £187 million to £256 million, though it noted that order intake in the six months was lower than the same period last year due to two large contract wins in that period and the timing of current project awards.
The improvement in performance of the Inert Gas and Oil & Gas Systems businesses witnessed in the second half of last financial year continued. The group reported that investment in the oil exploration and production market remains robust and that it had been successful in winning orders in this area, with two contracts worth approximately £11 million in aggregate for FPSO flare gas recovery systems for use in Brazil.
The company indicated that the LNG market remains ‘dynamic’ with high levels of contracting of new build carriers this year and a sustained interest in the developing market for offshore regasification facilities. On 3 October 2011, Hamworthy announced the £24 million acquisition of AW Flow Holdings Limited, a specialist valve manufacturer for the oil and gas sector.
In the year to 31 October 2010 AW Flow had revenue of £20.2 million and pre-tax profit of £4.6 million in respect of its continuing businesses. Hamworthy expects the range of acquired valves to be complementary to its existing pump range.
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Source: Hamworthy, October 14, 2011