Wärtsilä to Acquire Hamworthy plc
Wärtsilä Corporation reached agreement with the Board of Hamworthy plc, a UK listed engineering company focussed on the marine and oil and gas sectors, in regards to a recommended cash offer for the acquisition of Hamworthy. Under the terms of the acquisition Hamworthy shareholders will receive 825 pence in cash for each Hamworthy share valuing Hamworthy's entire issued and to be issued share capital at approximately GBP 383 million. This represents an EV / LTM EBITDA multiple of 14.3x as per 30 September 2011. The acquisition is conditional on the approval by the shareholders of Hamworthy.
Hamworthy Supports Brazilian Offshore Finds
Hamworthy, the international fluid handling specialist, is highlighting its commitment to Brazil’s growing marine and offshore sectors in the run up to opening its first dedicated service centre in Brazil in 2011. Hamworthy’s commitment to offer strong technological solutions at competitive prices and to seek local product content has been strongly rewarded through a series of high profile orders for oil and gas handling systems. Hamworthy has an established presence in Brazil, offering products and services through its local agency, Tridente since the 1970s. Hamworthy Oil & Gas Systems was recently awarded a major contract by Brazilian…
Hamworthy Supports Brazilian Offshore Oil & Gas Finds
Hamworthy Oil & Gas Systems was recently awarded a major contract by Brazilian shipyard Estaleiro Promar SA for the design and supply of cargo handling systems for eight liquefied petroleum gas (LPG) carriers destined for operation by Transpetro, a subsidiary of Petrobras. The vessels will be designed by Hamworthy’s specialist naval architecture consultancy in Poland, along with the cargo tanks and cargo handling system. In 2007 the Oil & Gas Systems business secured an order for its regasification technology onboard the floating storage regasification unit (FSRU) Golar Winter. Located in Guanabara Bay in Rio de Janeiro, the vessel has an important role in supplying gas to the Rio de Janeiro area.
Hamworthy to Open New Service Center in Brazil
International fluid handling specialist Hamworthy is to open a new dedicated service centre in Brazil. The new service center represents a direct investment in a market that has offered sustained growth for the company’s oil and gas handling systems and pump systems businesses in recent years. With offices in Rio and planned workshops and warehousing operations in Macae it will support customers through easy access to spare parts from a domestic warehouse and qualified service personnel for all Hamworthy products, as well as related products and equipment installed onboard. The service centre will also offer assistance to domestic yards during the installation and commission stages of construction.
Wärtsilä Hamworthy Wins Fincantieri Order
Wärtsilä Hamworthy has won a contract from Fincantieri Cantieri Navali Italiani S.p.A. to supply two Membrane BioReactors (MBRs) to the 141,000gt newbuilding under construction for Carnival group member P&O Cruises. Hamworthy has delivered more than 25 MBR advanced wastewater systems to the world’s largest cruise ship operator, Carnival. The company’s MBR system produces the highest quality discharge without requiring any addition or generation of chemicals that are hazardous to the environment or vessel operation. For this contract Wärtsilä Hamworthy will also be responsible for UV polishing. The 3,611 passenger capacity vessel is set to enter service in March 2015. It will be the largest to be constructed for the British market and the order includes an option for a second vessel.
Hamworthy Delivers Pumps for Four VLCCs
Fluid-handling specialist Hamworthy has signed a contract with marine equipment purchaser Hua Hai Engineering & Equipment Co., Ltd to deliver pump room systems for installation on four very large crude carriers (VLCCs) to be constructed in China. The ships, which will be built for CSC Nanjing Tanker Co., Ltd (NJTC) at Guangzhou Longxue Shipbuilding Co., Ltd, follow on from 10 previous VLCCs contracted by the same owner at Jiangnan Shipyard and Bohai Shipyard, all of which are being equipped with pump room systems from Hamworthy. “This contract was won due to the proven technical ability of our equipment on previously built VLCCs,” said Terje Bjornemo, Hamworthy Pump Room Systems Sales Director.
Hamworthy Launches Hamworthy Academy Training Service
Marine and offshore fluid handling specialist Hamworthy has launched a new learning initiative aimed at offering tailor-made training packages for its end users. The service, Hamworthy Academy, includes a range of courses which are designed to provide training for the company’s equipment and comprise e-based learning packages backed up by a significant investment in hands-on facilities. Hands-on training is currently available from Hamworthy’s Norway-based facilities in Moss, which includes performance testing of its largest inert gas systems.
Hamworthy Acquires AW Flow Holdings
Hamworthy, a designer and manufacturer of innovative marine and offshore fluid handling systems, announces that it has acquired 100 per cent of the issued share capital of AW Flow Holdings Limited ("AW Flow") and its subsidiary undertakings, a UK based specialist valve manufacturer for the oil and gas sector. The consideration is £24 million on a debt free/cash free basis, funded entirely from Hamworthy's own cash reserves. £21.6 million was paid on completion with a further £2.4 million of deferred consideration payable over the next two years. 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 Wins Orders for 8 LNG Reliquefaction Systems
Hamworthy PLC said it won orders to supply 8 LNG reliquefaction systems worth over 20 mln stg and said the deliveries will be made during 2008. Hamworthy said Daewoo Shipbuilding and Marine Engineering Co Ltd ordered equipment for seven LNG carriers, while Samsung Heavy Industries Ltd has ordered equipment for one vessel. Source: AFX News
Hamworthy Develops New Ballast Water Solutions
Ratification of the IMO’s Ballast Water Management Convention is widely anticipated within the next 12 months. As a consequence, ship owners are evaluating as a matter of some urgency which ballast water treatment technology is best suited to both their existing and new ships. Recognizing that no one solution will be suitable across all ship types, sizes and environmental conditions, Hamworthy’s dedicated ballast water research and development team has developed two different treatment solutions to provide customers with greater flexibility and choice.
MSC Cruises Uses Hamworthy for Freshwater
Hamworthy Serck Como has secured a new order for its Multi Stage Flash (MSF) Evaporators, the technology regularly specified by leading cruise ship owners as the means of producing fresh water from seawater to meet World Health Organization (WHO) potable water standards. MSC Cruises has selected the Hamworthy MSF Evaporator for installation on board its latest 133,500 gt newbuild, which is due to be built at STX France in St Nazaire. With a capacity for 3,274 passengers plus 1,600 crew, the ship will be a sister to Fantasia, Splendida, and the recently ordered Fantastica, the largest cruise vessels ever built for a European owner. She will become the 12th MSC Cruises vessel for which Hamworthy’s MSF Evaporator has been selected. The contract will see equipment delivered in June 2011.
Wärtsilä Hamworthy Wins Another Höegh FSRU Contract
Working together with Sinopacific Offshore and Engineering (SOE) Wärtsilä Hamworthy will design and supply the system concept whilst the key equipment and fabrication will be supplied by SOE. The floating regasification market is experiencing significant uptake and Höegh have projected annual growth in the LNG market of 6-7% over the coming few years. Reidar Strande, LNG Business Unit Director, Hamworthy Oil and Gas Systems said: “This contract for Höegh LNG follows on from the joint project with SOE in supplying our regasification module for the converted Golar Khannur.
Hamworthy Acquires Krystallon
Hamworthy has completed the acquisition of Krystallon Limited. Fluid handling systems supplier Hamworthy has acquired the company that pioneered gas scrubber development as a commercially viable alternative to costly low sulphur content distillates, to comply with new International Maritime Organization (IMO) MARPOL Annex VI regulations on emissions. Last year IMO agreed the concept of Emission Control Areas, ruling that the maximum sulphur content in fuels used in such zones must be cut to 1.5%, then to 1% by 2012, and to 0.1% in 2015. The regulations are already in force in the North Sea, English Channel and the Baltic. Similarly the US and Canada have applied for ECA status for the waters extending 200 Nm from their coasts. Other countries are expected to follow suit.
Hamworthy Secures Ethylene Carrier Job
Hamworthy Oil & Gas Systems has continued the major advance in China’s broadening gas carrier construction sector by securing more contracts for delivery of complete cargo handling systems to two liquid ethylene gas (LEG) carriers to be built at Sinopacific Offshore & Engineering Co. Ltd (SOE) in Nantong. The 12,000m3 capacity, 139m long semi-pressurised and refrigerated LEG carriers, will be incorporated in the ongoing project for the construction of six ships ordered by Luxembourg-based Jaccar Holdings/Eitzen Ethylene Carriers.
Hamworthy Lands 11-vessel China Order
Hamworthy has won a contract to supply pump room systems for 11 vessels to be delivered to the China Shipping Group (CSG). The first three systems are destined for installation on three CSG 112,000 dwt aframax newbuildings, to be constructed at Dalian Shipbuilding Industry Company (DSIC). The remaining eight systems are to be supplied to product carriers being built at Guangzhou Shipyard International, (GSI). All 11 systems include three cargo pumps and two ballast pumps, which have been cast at Hamworthy’s manufacturing plant in Singapore in superior Ni-Al-Bronze material.
Hamworthy Improves on Separator Performance
Hamworthy signed a contract with FPSO Owner OSX 1 Leasing B.V., a subsidiary of OSX Brasil S.A., for delivery of its newest generation Vessel Internal Electrostatic Coalescer (VIEC) technology to the FPSO OSX-1. Upon completion of customization works currently in progress in , the FPSO OSX-1 will be delivered by OSX to its customer OGX Petróleo e Gás Ltda. under charter arrangements, for deployment in the basin, offshore . OSX and OGX are controlled by the EBX Group, owned by Brazilian entrepreneur Eike Batista.
Hamworthy Wins Newbuild FSRU Regas Orders
Hamworthy has secured a contract for the supply of regasification technology on board what are understood to be the world’s first newbuild Floating Storage and Regasification Units (FSRUs). Two 170,000m3 storage capacity vessels, owned by Hoegh LNG, are being built at the world’s largest shipbuilder, Hyundai Heavy Industries. Under the terms of the contract, Hamworthy will deliver systems to the Ulsan-based yard, one apiece in December 2012 and February 2013. The floating regasification market is experiencing strong growth.
Hamworthy to Supply Princess Cruises
Two vessels to be built by Fincantieri for Princess Cruises will become the latest luxury cruise ships to feature Hamworthy’s Membrane BioReactor (MBR), the technology designed to meet wastewater discharge requirements in even the most sensitive of seas. Each 3,600 passenger capacity, 141,000gt ‘Ruby Evolution’ class ship will be fitted with two Hamworthy MBR24 systems, to enable responsible operations anywhere in the world. With the delivery date for the first vessel due in spring 2013, the first two MBRs will be delivered in August 2011, for installation/commissioning by December 2012.
Hamworthy Sees Profit Surge
Reports indicate that Hamworthy continues to power forward on the back of booming demand for liquid gas transport ships, for which it supplies pumps and liquefaction systems. Profits in the half-year to September jumped by more than 50. Operating profits rose by 32% The company will pay an interim dividend of 2.3p up from 1.8p last time. Source: sharecast
Hamworthy Gets LNG Reliquefaction Order
Hamworthy has won an order from Daewoo Shipbuilding & Marine Engineering Co (DSME) to supply five liquid natural gas reliquefaction systems (LNG-RS), with a total value in the range of £15 to £20 million. The systems will be installed on five 216,000 cu. m. LNG carriers ordered by the ‘J5’ consortium of Japanese shipowners and will be delivered to the shipyard from January 2007. The ships are scheduled for delivery in 2008. Kelvyn Derrick, Chief Executive of Hamworthy plc, said: "This brings our tally of LNG-RS shipsets to 20 with an aggregate order value of over £100 million, and represents a one hundred percent market share. We have already developed a more energy-efficient system for future bids in what will undoubtedly become a more competitive market."
Hamworthy Nets Contract for 21 IG systems
Hamworthy to install inert gas systems on 21 LNG carriers under construction in South Korea. Hamworthy has underscored its position as the world’s leading supplier of inert gas systems by winning contracts to install its technology on 21 LNG carriers under construction in South Korea. The contracts have been secured with Norwegian owners Golar, AWILCO and Höegh LNG, and Greek owners MaranGas and Thenamaris. Twelve Hamworthy Moss inert gas systems will be installed on a series of 156…
Hamworthy Supplies Asian FSRU
Hamworthy has secured the contract to supply liquefied natural gas handling technology for what will be Asia’s first Floating Storage Regasification Unit (FSRU). The marine and offshore fluid handling systems specialist has signed a contract with Golar LNG to deliver a liquefied natural gas regasification system for the West Java FSRU, which will be Indonesia's first LNG regasification terminal. In October, Golar LNG Energy announced that it had been selected by PT Nusantara Regas, a joint venture between Pertamina and PGN, to provide the West Java FSRU. The project will see the existing LNG carrier Khannur converted into a floating terminal that can be situated offshore or at a new or purpose-built jetty/pier.
Wärtsilä Hamworthy Wins Contract
Wärtsilä Hamworthy has won a contract from Fincantieri Cantieri Navali Italiani S.p.A. to supply two Membrane BioReactors (MBRs) to the 141,000gt newbuilding under construction for Carnival group member P&O Cruises. Hamworthy has delivered more than 25 MBR advanced wastewater systems to the world’s largest cruise ship operator, Carnival. The company’s MBR system produces the highest quality discharge without requiring any addition or generation of chemicals that are hazardous to the environment or vessel operation. For this contract Wärtsilä Hamworthy will also be responsible for UV polishing.