Robust orders and determined to get stronger: Hamworthy

Chairman Gordon Page said Hamworthy's "robust order book" stood at £134 million at 30 June 2010 (30 June 2009: £222 million). He went on: "Whilst it remains too early to predict when a substantial recovery in our core markets will occur, significant orders received and reported over recent weeks are encouraging and reinforce the signs of increasing activity in both the offshore and marine markets. Within the total order intake for the three months to 30 June, the Group received a first of type order to supply its exhaust gas cleaning technology for a series of four vessels, and orders for the supply of cargo pumps for the Papa Terra FPSO and cargo handling systems for two LPG-carriers. These contracts span a two year period and have a combined value of over £15 million. In addition, and as announced this morning, the Gas Systems business has secured a contract for the supply of LPG cargo handling systems on vessels to be built in Brazil for the state owned energy company Petrobras. The contract is worth approximately £50 million with the systems due for delivery from mid-2012 to mid-2015. This improves the company's medium-term order book position." The company remained focused on cost management and was maintaining its programme of both capital and research and development investment, Page said. It expected to strengthen its market positions during the current challenging economic conditions and believed it was well positioned to capture new growth opportunities.