people & companies
for new fields. The agreement for delivery of subsea production systems is awarded for a five year period with an optional period of two (2) x two (2) years. The contract for operational services will run for five years. "This is an extremely important contract for us," says Raymond Carlsen, executive vice president, Aker Kvaerner Subsea. "Statoil and Aker Kvaerner are two companies that for many years have played a leading role in developing new subsea technologies for the global oil and gas industry. We have already worked in partnership with Statoil for a number of years and look forward to building on this relationship." The extent of the frame agreement is first and foremost to cover Statoil's needs on the Norwegian continental shelf. However, the agreement can also be made applicable to field developments in other areas of the world.
Hallin Announces Good Results, Forms Subsidiary
Hallin Marine, the AIM quoted provider of subsea solutions to the oil and gas industry, announces its Interim Results for the six months ended June 30, 2007. Tony Ebel, Chairman of Hallin Marine, announced a very positive set of results and said that the Hallin board, looking ahead, "see a strong market" for the company's services. "The half year to June 30, 2007 has seen the profitable fruition of a number of our new business initiatives, underpinned by solid results for our core subsea contracting activities. The fundamental drivers of the business; oil and gas prices and resultant demand for offshore construction, repair and maintenance services, remain strong. "It is an exciting time to be in our industry and we have positive expectations for the rest of 2007 and beyond." Revenue from the core subsea contracting business rose to $27.7m in the first half, more than doubling the equivalent figure for 2006 ($13m). Tony Ebel, Chairman of Hallin Marine Gross margins also improved to 21% versus 12% at mid year 2006. The sale of our Sat02 and ADS04 diving systems announced in February contributed a further $3m nearly equaling the similar sale in 2006. Administrative expenses rose in the period from $2.304 million in 2006 to $4.5m reflecting the fundamental reorganization which took place at the end of last year and the opening of the UK based operations. Our profit from operations for the six-month period was $4.6m a rise of 79.7% over 2006. Similarly EBITDA at $5.7m for the half year was 76.6% up on last year. Finance costs resulting from the Group's continuing significant investment in operating assets rose in the period to $557,000 leaving pre-tax profits ahead by 37.7% at $3.9m. Earnings per share rose 10.9% to 9.35 c, after adjusting for the increase in the number of shares arising out of our fund raising in April 2006.
Hallin Forms New Subsidiary
Hallin Marine formed a new manufacturing subsidiary to produce subsea intervention assets for both the company and for third parties. The new subsidiary, Hallin Engineering Services Pte Ltd, has immediately won its first order to build a 12-Man Saturation Diving System for a major Gulf of Mexico offshore contractor. The contract, for a purpose-built system based on Hallin Marine's existing design for ABS classed, 200m rated, diving system, has a minimum value of $6.8 million. Additional design modifications are required specific to the vessel installation which will increase the value of the build contract.
October 2007
Tony Ebel, Chairman of Hallin Marine 54 MTR
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