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(HMS.L) Hallin Marine Subsea International PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 16-09-09 | AFX UK Focus |
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LONDON, Sept 16 (Reuters) - Hallin Marine Subsea International Plc:
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 16-09-09 | RNS |
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Hallin Marine Subsea International plc
16 September 2009 Hallin Marine, the AIM quoted provider of subsea solutions to the oil and gas industry, is pleased to announce it has been awarded a five year contract by Dalgidj Private Company ("Dalgidj PC"), for remote operating vehicle (ROV) drilling support services in the Caspian Sea, off the coast of Azerbaijan. The contract is scheduled to commence in late October this year and is in support of BP's drilling programme from fixed platforms in the Caspian Sea. The contract is split into two parts. For the first two years Hallin will provide two of its Quasar Compact ROVs, complete with specialised tooling and operational personnel, to Dalgidj PC, the Azeri company. At the end of two years, Hallin will sell the two ROVs at a price already agreed to Dalgidj PC and continue to give technical and project support from onshore Baku, Azerbaijan for a further three years. The total package of work, including the proceeds from the sale of the ROVs, which at the time of the sale will be five years old, is in excess of US$20 million. As part of the contract Hallin will design and manufacture specialised ROV intervention tooling, utilising the in-house design capabilities of its wholly-owned subsidiaries - Malton based Hallin Robotics Limited and Prospect Flow Solutions Ltd. The board believes this contract enhances Hallin's earnings visibility and is an excellent demonstration of delivering `client solutions' involving the Company's different divisions. Hallin's forward order book, including this contract, now stands at a figure in excess of US$75 million. Mike Arnold, Hallin West Division's MD, said: "We are pleased to be awarded this contract in support of BP's drilling program and to be working with Dalgidj PC, who are a well established business with a first-class track record. `We have been working closely with all parties since October of last year to ensure we have the best structure to ensure the ultimate success for this project. `Our innovative solution is a win-win for all parties involved and shows how Hallin's ability to respond in a flexible and original way to the client's needs is a significant and clear differentiator. `The contract, involving as it does, other divisions of the Hallin Group, fits well with the Company's aim of supplying clients solutions rather than just contracted services and integrates perfectly with Hallin's stated policy of continually updating its operational fleet of assets.' Enquiries:
Tim Redfern/Robert Collins www.hallinmarine.com Notes to Editors Hallin Marine was formed in 1998 to provide high quality marine and underwater services to the offshore industry, particularly in support of oil & gas development. It has grown from a US$1 million turnover company in its first year to a US$139 million turnover company in 2008. Hallin Marine was admitted to AIM in April 2005 and won the UK's prestigious Business of the Year Award in November 2008. The Company is an experienced provider of subsea construction and inspection solutions. It employs experienced subsea engineering staff to manage projects using: support vessels; saturation diving systems; air/mixed gas diving spreads and Remote Operating Vehicles (ROVs). The Company owns the principal operating assets of diving systems and ROVs. Hallin's expanding operations cover: South East Asia; India; China; Africa; the Middle East; the USA; Russia; Australia and the UK. The Company is divided into four divisions: subsea operations West Division, based in Aberdeen, Scotland; subsea operations East Division, based in Singapore; the Manufacturing Division, also in Singapore where saturation diving systems, air diving systems and ROVs are designed and manufactured; and Prospect Flow Solutions Ltd, the engineering consultancy service to the energy sector with offices in Aberdeen, Derby, Houston and Singapore. A further engineering design centre focusing on robotics is located in the UK at Malton, North Yorkshire. The great majority of the work undertaken by the Group has the oil and gas industry as the ultimate client. Typically the work undertaken by the Group comprises the design, installation, construction, maintenance, repair or survey of equipment required to transport oil and gas from the seabed. Most of the projects are planned well in advance and Hallin's role is that of a key contractor, often working as part of a larger team. The largest projects may take two or more years from decision to go ahead to the stage where Hallin's staff or equipment enters the sea. Hallin provides clients with safe, professional and cost effective solutions by combining innovative approaches and new technology with time proven techniques. More |
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| 15-09-09 | RNS |
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RNS Number : 0081Z Hallin Marine Subsea International 15 September 2009
HALLIN MARINE SUBSEA INTERNATIONAL PLC ("Hallin", "Hallin Marine", the "Company" or the "Group") Unaudited Interim Results to 30 June 2009 15 September 2009 Hallin Marine, the provider of subsea solutions to the oil and gas industry, announces resilient interim results in respect of the first six months of 2009. Hallin has strong market positions in South East Asia, China, the UK, the Gulf of Mexico, the Mediterranean, the Persian Gulf and India. Typically, the projects undertaken comprise engineering design and analysis and the surveying, maintaining, repairing or installing of subsea equipment, primarily for the oil and gas industry. Highlights
Tony Ebel, Chairman of Hallin Marine, said: "We are pleased to report that, despite the challenging economic climate, the Group has achieved first half revenues in line with the corresponding period last year, when the market was especially buoyant. Overall, we remain confident in the outlook for the business and the current climate contains as many opportunities as challenges." Chairman's and Chief Executive's Report We are pleased to report that, despite the challenging economic climate, the Group has achieved first half revenues in line with the corresponding period last year, when the market was especially buoyant. The Group's first half revenues were US$60.27 million, versus US$59.58 million in 2008. As previously announced, margins have come under pressure, but we expect them to be sustainable at the current levels. The Group achieved a gross margin of 29.1% in the period, down from 31.8% in the first half of 2008. Together with a higher level of overhead expenditure, primarily relating to the acquisition of Prospect Flow Solutions Limited in August 2008, this has resulted in a lower EBITDA of US$14.24 million (23.63%) against US$16.66 million (27.96%) in the first half of 2008. Earnings per share expressed in our reporting currency were 20.2 cents compared to 28.0 cents in the same period last year. The highly volatile oil price of late 2008 and early 2009 has created considerable uncertainty in the industry. Whilst bidding activity remained high at the beginning of 2009, we witnessed a diminished level of actual contract awards, leading to increased competition and higher price sensitivity. In recent months confidence appears to be slowly returning to the oil and gas services market, following a period of more stable prices. It should be noted, however, that a number of factors remain which have the potential to prolong the uncertainty in the market. Oil prices, whilst currently at US$70 per barrel and slowly rising, remain well below the level that generated the hyperactive market of last year. Maintaining confidence depends on price stability, which creates revenue certainty for operators, and any significant short-term oil price fluctuation in either direction has the ability to erode confidence again after the experience of the last twelve months. Overall, the industry is dependent on the sustained availability of investment and project finance. The longer-term picture of worldwide demand outpacing supply is clear and a significant number of projects are in the pipeline to help address this. However, the continuity of projects and the predictability of start dates are dependent on the reliability and availability of lines of finance. It is this, together with the drive from oil majors for cost savings, which is having a significant impact on our industry at the present time. Contracting Divisions The subsea contracting picture is at its most complex for several years with marked geographical variations. Our East Division, trading in the Asia Pacific region, generated revenues of US$36.4 million in the first half of 2009, representing 60% of Group revenues. However, it did so in the face of increased regional competition that impacted margins. West Division, trading mainly in the European and Mediterranean region, reported revenues of US$18.5 million or 31% of Group revenue. The margin pressures have been less on the West Division but demand has been lower, resulting in lower utilisation of their Remote Operating Vehicle equipment, particularly the smaller inspection vehicles. The results of our West Division have also been particularly affected by the adverse movement of over 30% in dollar / sterling exchange rates. Overall, however, returning confidence in the market is generating a more robust pattern of demand which is reflected in our rising forward order book which now stands at US$55.3 million, an increase over US$53 million, the last figure disclosed by the Company in March this year at the time of the 2008 annual results announcement. Prospect Our Engineering Division, Prospect, experienced a significantly lower level of business in the first half but, encouragingly, is now seeing signs of a recovery. A new subsidiary, Prospect Asia, was formed in February, co-located with Hallin in Singapore. This entity has already won interesting new work in both oil and gas and renewable energy fields and further new opportunities have been identified. A decision was made to close the loss making Prospect office in Norway. The engineering focus is now on the profitable sectors of Prospect's operations, particularly those in Asia and the more established Prospect markets in the UK and Houston. The closure of the Norway office involves a non-recurring write-off of US$448,000, which has been provided for in full in the first half 2009. Marine Division The Ullswater, Hallin's first Subsea Operations Vessel, has performed well since delivery in February 2009, achieving utilisation of 88% to the end of June. The sale and leaseback of this vessel was successfully completed in February, contributing over US$3 million to earnings and enabling the repayment of the loan drawn to finance the construction of the vessel. As announced on 11 September 2009, the vessel has been immediately contracted from late September for inspection, repair and maintenance work in Indonesia, with a contract value of US$20 million, and which will utilise the Ullswater through to January 2010, with further contracted work to be carried out in mid 2010. The build of our second Subsea Operations Vessel, the Windermere, is progressing well at the Drydocks World shipyard in Singapore, and delivery is scheduled for the second quarter of 2010. Based on enquiries currently being received, we remain confident about the ongoing demand for our specialist vessels and also for the long-term charter vessel, the Sanko Angel, which achieved 83% utilisation in the first half of the year. Manufacturing Division The Company is continuing with the development of new operating assets and, in addition to the Ullswater, the first half has seen delivery of a new portable saturation diving system, three work class Remote Operating Vehicles (two built by our Manufacturing Division) and two inspection class Remote Operating Vehicles. The value of operational equipment on the balance sheet has risen to US$51.85 million from US$31.89 million at the beginning of the year. The value of equipment under construction has fallen to US$28.09 million after the US$45 million disposal of the Ullswater and US$14.70 million additions to the Windermere under build. Prudently, the Group has hedged a substantial proportion of the foreign currency exposure related to the Windermere construction contract. Financial The cash position of the Group remains strong, with cash balances reported of US$18.6 million at 30 June 2009 (US$23.0 million at 31 December 2008). Borrowings, the majority of which are long term loans to purchase operating assets, fell to US$38.2 million at 30 June 2009 from US$42.6 million at 31 December 2008, resulting in a gearing ratio of 26.1%, down from 30.8% at December 2008. We will continue to draw on facilities already in place to complete the construction of the Windermere. Summary and Outlook The more competitive market place created by the economic conditions this year has validated the Group's long-term strategy for developing state of the art, cost effective and fit for purpose equipment to enable us to bid competitively for work whilst still achieving healthy profit levels. Our core Subsea Operations Vessels, Diving and Remote Operating Vehicle assets have performed well and continue to experience high utilisation. However, an older vessel that Hallin had taken on charter at 2007 rates to meet the demand levels of 2008 proved hard to place with clients in the 2009 market. Consequently, the vessel was significantly under utilised in the early part of the year and the Board took the decision to negotiate early release of this vessel, which involved a termination payment of US$720,000, the cost of which is included in these results. We continue to expand the fleet of operating assets and currently have under construction two further work class Remote Operating Vehicles and a modular Saturation Diving System. We are also in an advanced stage of negotiation to enter into a long-term charter for a new-build specialist Remote Operating Vehicle support vessel to supplement our West Division's contracting activities. If this project proceeds as expected, this vessel would be available in the second half of 2011. We continue to look for other opportunities to further expand our range of assets. Whilst a high level of economic uncertainty remains, there are recent indications of potential improvements. Our industry has reverted to a more normal pattern of order lead time compared to 2008 and the financial performance of the Company for the year will, in part, depend on the success we achieve in winning business during the traditionally quieter final quarter of the year as well as completing the sale of one of our older Saturation Diving Systems before the year end. Overall, we remain confident in the outlook for the business and the current climate contains as many opportunities as challenges. Our management team has focused on tight control of our key operations so as to ensure that we are in an excellent position to take maximum advantage of the recovery when it comes. We continue actively to develop the Company and its revenue generating assets, seeking to deliver the best possible performance and growth in a difficult environment. Tony Ebel - Chairman John Giddens - Chief Executive Enquiries:
Tim Redfern Robert Collins www.hallinmarine.com
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2009
2009 2008 2008
Other comprehensive income
translating foreign
operations
the period, net of tax
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2009
2009 2008 2008
NON-CURRENT ASSETS
CURRENT ASSETS
EQUITY ATTRIBUTABLE TO
EQUITY HOLDERS OF THE PARENT
NON-CURRENT LIABILITIES
CURRENT LIABILITIES
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2009
2009 2008 2008
subscribed
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2009
2009 2008 2008
CASH FLOWS FROM OPERATING
ACTIVITIES
Adjustments for:-
received
equipment
changes
Changes in working capital :-
parties
operations
Investing activities
equipment
and equipment
subsidiaries
companies
activities
Financing activities
activities
cash and cash equivalents
Cash and cash equivalents
period
NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL INFORMATION
1 PRINCIPAL ACTIVITY Hallin Marine Subsea International plc is a company incorporated and domiciled in the Isle of Man with its registered office at International House, Castle Hill, Victoria Road, Douglas, Isle of Man, IM2 4RB. The principal activity of the Group is in offshore subsea intervention primarily for the oil, gas and telecommunication industries either contracting directly with energy majors or through multi-national contractors. The work involves the use of marine vessels, diving systems of various types, remotely controlled intervention systems and survey positioning systems to conduct underwater inspection, construction and maintenance operations.
2 BASIS OF PREPARATION The accounting policies applied in the interim consolidated financial information are consistent with those of the annual financial statements for the year ended 31 December 2008 as described in those financial statement except for the impact of the Standard applicable for the current financial period described below: IAS 1 (revised 2007) Presentation of Financial Statements - effective for annual periods beginning on or after 1 January 2009. IAS 1 (revised 2007) presents transactions with owners in detail and non-owner changes in equity as a single line in the statement of changes in equity. The standard introduces a Consolidated Statement of Comprehensive Income which presents all items of unrecognised income and expense and is limited to the Consolidated Income Statement of Financial Position and the Consolidated cash Flow Statement has been renamed Consolidated Statement of Cash Flows. IAS 1 (revised 2007) is a disclosure standard and has no impact on the financial position and results of the Group.
3 OTHER GAINS AND LOSSES
2009 2008 2008
equipment
Norway AS
4 EARNINGS PER SHARE The basic earnings per share has been calculated on the profit for the period (USD 8,357,000; 2008: USD 11,239,000) and the weighted average number of ordinary shares in issue during the period (41,320,596 shares; 2008 40,111,044 shares). The fully diluted earnings per share has been calculated on the profit for the period (USD 8,357,000; 2008: USD11,239,000) and the weighted average number of ordinary shares issued and potential ordinary shares issuable under share options granted, assuming full conversion (44,564,096 shares; 2008: 42,474,044 shares).
Cost
Accumulated depreciation
period
Carrying amount
During the six months ended 30 June 2009, the Group acquired plant and equipment with an aggregate cost of USD26,484,000 (June 2008: USD17,717,000), of which USD Nil (June 2008: Nil) was acquired by means of finance leases and USD26,484,000 (June 2008: USD17,717,000) by borrowings and advances. During the year ended 31 December 2008, the Group acquired plant and equipment with an aggregate cost of USD45,999,000, of which USD 437,000 was acquired by means of finance leases and USD 45,562,000 by borrowings and advances.
6 CASH FLOW For the purposes of the consolidated statements of cash flow, the consolidated cash and cash equivalents comprised the following:
2009 2008 2008
Cash and cash equivalents as per
flow
7 HEDGING The Group incurs foreign currency risk on sales and purchases that are denominated in currencies other then United States dollars. At present, the Group does not have any formal policy for hedging against exchange exposure, The Group may, when necessary, enter into foreign currency forward contracts to hedge against exposure from foreign currencies fluctuations. The forward contracts that the Group has entered into to date are as follows:-
8 NATURE OF FINANCIAL INFORMATION The interim information set out above is neither audited nor reviewed and does not represent the statutory financial statements for Hallin Marine Subsea International plc or for any of the entities comprising the Hallin Marine Group for the period ended 30 June 2009. The figures for the year ended 31 December 2008 were extracted from the consolidated financial statements which have been presented to shareholders. The auditors' report on those financial statements was unqualified. The Board approved the interim financial information for the period ended 30 June 2009 on 9 September 2009. These interim results are available on the Company's website at www.hallinmarine.com. This information is provided by RNS The company news service from the London Stock Exchange END
IR GUUPWBUPBGGC More |
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| 11-09-09 | AFX UK Focus |
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LONDON, Sept 11 (Reuters) - Hallin Marine Subsea International Plc:
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 11-09-09 | RNS |
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Hallin Marine Subsea International plc
11 September 2009 Hallin Marine, the AIM quoted provider of subsea solutions to the oil and gas industry, announces it has been awarded a subsea Inspection, Repair and Maintenance (IRM) contract by Pertamina Hulu Energi ONWJ Ltd., a subsidiary of Indonesia's state owned energy company. The contract will see Hallin's flagship subsea operations vessel "SOV Ullswater" engaged in the Java Sea, Indonesia. The contract will involve Hallin in the subsea inspection, repair and maintenance of 34 offshore oil and gas platforms and associated pipelines and subsea infrastructure. For the awarded work Hallin will provide a package of its assets and experienced personnel. The team will deploy the full range of Hallin's services: project management; engineering; air and saturation diving; Remote Operated Vehicle (ROV) operation; and vessel operations. The contract value is US$20 million, divided equally across campaigns in both 2009 and 2010. The client may additionally call on a variety of options, which offers scope for extra, chargeable call-off work. The timing of the new contract makes efficient use of the early completion of the contract that the Ullswater has been working on in the Philippines, where the client has paid an early termination fee to the Company after its vessel requirements on the project changed. The 80 metre Ullswater, which is a multi-purpose subsea operations vessel complete with a Hallin inbuilt 15-man saturation diving system, self propelled hyperbaric lifeboat and Hallin designed and manufactured ROV, will be operating in dynamic positioning class 2 (DP2) mode for the duration of the contract. Jon Attenburrow, of Hallin Marine, said: "We are pleased to be able to announce this significant contract award with this industry major. The Ullswater is ideal to carry out these subsea IRM projects and its availability has tied in very efficiently with the early ending of its current work. We look forward to a successful project."
Enquiries:
Tim Redfern Robert Collins www.hallinmarine.com Notes to Editors Hallin Marine was formed in 1998 to provide high quality marine and underwater services to the offshore industry, particularly in support of oil & gas development. It has grown from a US$1 million turnover company in its first year to a US$139 million turnover company in 2008. Hallin Marine was admitted to AIM in April 2005 and won the UK's prestigious Business of the Year Award in November 2008. The Company is an experienced provider of subsea construction and inspection solutions. It employs experienced subsea engineering staff to manage projects using: support vessels; saturation diving systems; air/mixed gas diving spreads and Remote Operating Vehicles (ROVs). The Company owns the principal operating assets of diving systems and ROVs. Hallin's expanding operations cover: South East Asia; India; China; Africa; the Middle East; the USA; Russia; Australia and the UK. The Company is divided into four divisions: subsea operations West Division, based in Aberdeen, Scotland; subsea operations East Division, based in Singapore; the Manufacturing Division, also in Singapore where saturation diving systems, air diving systems and ROVs are designed and manufactured; and Prospect Flow Solutions Ltd, the engineering consultancy service to the energy sector with offices in Aberdeen, Derby, Houston and Singapore. A further engineering design centre focusing on robotics is located in the UK at Malton, North Yorkshire. The great majority of the work undertaken by the Group has the oil and gas industry as the ultimate client. Typically the work undertaken by the Group comprises the design, installation, construction, maintenance, repair or survey of equipment required to transport oil and gas from the seabed. Most of the projects are planned well in advance and Hallin's role is that of a key contractor, often working as part of a larger team. The largest projects may take two or more years from decision to go ahead to the stage where Hallin's staff or equipment enters the sea. Hallin provides clients with safe, professional and cost effective solutions by combining innovative approaches and new technology with time proven techniques. More |
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| 24-08-09 | RNS |
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Hallin Marine Subsea International plc
24 August 2009 Hallin Marine, the AIM quoted provider of subsea solutions to the oil and gas industry, will announce its Half-Yearly Report for the six months ended 30 June 2009 on 15 September 2009. Enquiries:
Tim Redfern Robert Collins www.hallinmarine.com Notes to Editors Hallin Marine was formed in 1998 to provide high quality marine and underwater services to the offshore industry, particularly in support of Oil & Gas development. It has grown from a US$1 million turnover company in its first year to a US$139 million turnover company in 2008. Hallin Marine was admitted to AIM in April 2005 and won the UK's prestigious Business of the Year Award in November 2008. The Company is an experienced provider of subsea construction and inspection solutions. It employs experienced subsea engineering staff to manage projects using: support vessels; saturation diving systems; air/mixed gas diving spreads and Remote Operating Vehicles (ROVs). The Company owns the principal operating assets of diving systems and ROVs.
Hallin's expanding operations cover: South East Asia; India; China; Africa; the
into four divisions: subsea operations West Division, based in Aberdeen,
Scotland; subsea operation East Division, based in Singapore; the Manufacturing
systems and ROVs are designed and manufactured; and Prospect Flow Solutions
Ltd, the engineering consultancy service to the energy sector with offices in
Aberdeen, Derby, Stavanger, Houston and Singapore. A further engineering
by the Group comprises the design, installation, construction, maintenance,
role is that of a key contractor, often working as part of a larger team. The largest projects may take two or more years from decision to go ahead to the stage where Hallin's staff or equipment enters the sea. Hallin provides clients with safe, professional and cost effective solutions by combining innovative approaches and new technology with time proven techniques.
More |
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