Brokers Hargreave Hale gave the following Valuation for HMY

VALUATION
The nearest comparisons to this Group are Sondex, trading on a current year multiple of 14 and Weir Group which typically trades on multiples of 12 plus. We would argue that Hamworthys prospects are brighter than both these companies in view of the strong order book and the global positioning. Fully taxed earnings of 13p this year and 16.5 p for the 2005/6 end March, suggests a current year PE of 9.9x and a prospective PE of 7.8x. There is a prospective yield in excess of 4%. If trading on a similar PER to Sondex the shares would be valued at in excess of 180p. We would argue that a premium to Sondex is justifiable, in particular because of the potential ramp up to sales as a result of the new product pipeline now gaining client acceptance in what is in any event one of the fastest growing markets in the world.

"Shares" Article relating to Hamworthy (HMY) posted below for info.

With a following wind these shares should double over the next year or so.

Some catty folk in the City say the flotation last month by Collins Stewart
could have been handled better, i.e. at a higher price. It was certainly over
subscribed but the rating is half that of similar oil sector service companies
including Sondex.

Hi Paul,

produced 10 times per year by this tip sheet company and they have ongoing tips everyday, all you do is click on the URL address after 7pm everynight and you will see a new list of tips. Its derd cheap aswell for the first year, and the mag is superb. You can get a free trial copy here.



http://books.global-investor.com/pages/offers.htm?ginPtrCode=00000

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http://www.growthcompany.co.uk


Cheers GF.

I think this one is on the verge of taking off, and I dont usually use those type of statements, Im more of a conservative person but this one as massive potential.

cheers GF.

Looking for a price rise here today.

cheers GF.

GF...thanks very much for the info.

No problem Paul.

Come on where are the HMY buyers, its going derd cheap at the moment, wont be though in a weeks time.

cheers GF.

Got to be one of the hotest stocks around and theres no action. Barmy.

cheers GF.

Just out from tradewinds... "US oil major Conocophilips has been holding meetings with LNG players this week in a bid to assess their capabilities on LNG shipping. The company is attempting to get a clear picture of how best it can source the 15 to 17 LNG carriers it is likely to require"..."In line with the large-size LNG carriers already contracted through QSAT, the ships for Conocophilips will be powered by slow-speed deisel systems conmbined with onboard reliquefecation plants"..."in addition to these vessels, owners say the oil major could require a further four to six conventional sized LNG carriers from 2009 onwards that would be developed for use in its two train Brass LNG project in Nigeria" And also

"Oil major Shell is expected to break new ground in the next few days by signing a massive LNG deal worth an estimated $8bn with gas-growth driven Qatar that would require a new fleet of LNG carriers to lift the planned exports. The number and size of the LNG carriers required by the new deal will depend on where the product is sold. Shipping market players were visibly excited by the news of shells impending deal this week"

Possible great news for HMY!!!!!

GF/MS

I agree with you about STAR being a quiet stock at the moment but the time frame for big LNG imports starting into the UK is short (2 yrs) and I think that this year you are going to hear a lot about it. Good news for HMY but I think sooner , rather than later, what STAR does is going to be recognised. They buy up storage areas which have been attached to declining oil / gas fields and refurbish them, primarily for LNG. Maybe after the prelims we'll see movement but I am going to put 5K in now. I don't mind waiting a bit for action.

Too right. This is going to be fantastic. HMY are already established and have equipment already installed. Got to be good.

MS

Buyers coming in now.

cheers GF.

paulgrip

if conoco are definitely specifying slow speed diesels with onboard reliquifaction then HMY must be rubbing their hands - my understanding is that their technology regarding on board plant leads the way. Great news.

jimwren - exactly. very good news.

Bloomberg

Shell to build $6 billion LNG plant in Qatar to meet world demand. Got to be good for HMY.

MS

Hamworthy has had my attention for a while now was waiting for a break above the previous high - kind of missed that. Oh well, but I'm still interested.

Anyway, saw this on the BBC ...

"Shell signs $7bn gas supply deal with Qatar
By Thomas Cat in Doha
Published: February 27 2005 12:20 | Last updated: February 27 2005 15:17

shell graphicRoyal Dutch/Shell, the Anglo-Dutch oil giant, on Sunday signed a deal with state-owned Qatargas to build a new liquefied natural gas project worth up to $7bn that will send 7.5m tonnes a year to the fast-growing markets of Europe and North America.

The project, called Qatargas-4, represents a significant boost to Shell as it tries to convince sceptical investors that it can secure new energy reserves to replace the oil and gas it has pumped. Shell was forced to slash its proved reserves five times last year, prompting a wide-ranging shakeup of the company.

Linda Cook, head of gas and power at Shell, said the company should be able to start booking the Qatar gas deposits by 2006 or 2007. She expected 2bn barrels of oil equivalent to be produced over the life of the project.
"

So the shell deal discussed previously on this BB has been signed. A major investment in LNG but can someone provide some detail on how Hamworthy will benefit and what kind of time-scales we are talking?

Thanks in advance.

Stuart

HMY will benefit as the LNG tanker fleet is set to expand rapidly due to all the future LNG that will need transporting. At the end of 2004 the whole tanker fleet stood at 3,775 (ranging from VLCC's "very large crude carriers" which carry over 2 million barrels of oil, to much much smaller ones) and the LNG fleet stood at 177 ships only. If the oil majors expect LNG to one day take over from crude, then the expansion of the fleet will be huge and rapid!!! and with HMY making the on-board reliquefaction plants for the new super sized slow speed deisel ships, their growth could be huge as well!!!

another article "Qatar Petroleum and ExxonMobil on Sunday announced the launch of a huge $12.8 billion US liquefied natural gas project in Qatar that aims to ferry gas to Britain for the next 25 years.

Qatar Petroleum officials dubbed Sunday's deal the world's largest-ever
liquefied natural gas development effort and largest energy financing, involving $7.6 billion in investments from 57 different institutions, including Islamic banks.

In the long term, the growing shipments of liquefied natural gas, or LNG, are
"absolutely crucial" in helping gas replace oil as a fuel in heating and
electrical power plants, said Youssef Ibrahim, director of Dubai-based Strategic Energy Investment Group.

Oil prices have hovered at record levels beyond $50 per barrel, and analysts
said cheaper gas fuel is more desirable for its cleaner-burning qualities.
"It will make Qatar, on a per-capita basis, probably the richest country on
earth," Ibrahim said.

Britain will be the chief market for the liquefied gas in the venture announced
Sunday, receiving 15.6 million tonnes of LNG per year, for 25 years. The first
shipment is expected to arrive by late 2007, Qatar Petroleum said in a release.

State-controlled Qatar Petroleum owns 70 per cent of the joint venture, named
QatarGas II, with ExxonMobil holding up to 30 per cent.

In London, oil giant Shell said Sunday it had signed an agreement with Qatar
Petroleum to build an LNG plant to deliver gas to Europe and North America.

The joint venture between the Royal Dutch/Shell Group of Companies and Qatar
Petroleum will be built in Qatar's Ras Laffan City and is expected to produce
7.5 million tonnes of LNG over 25 years, with deliveries to American and
European markets starting from 2010.

Shell has a 30 per cent stake in the project named QatarGas IV, while Qatar
Petroleum holds the remaining 70 per cent interest in the $6 billion venture"

This is going to be a massive boost for HMY. Not only for ship based plant but shore based as well.

MS

Nice move upwards guys this morning.

cheers GF.

LONDON, Feb 25 (Reuters) - Russia's Gazprom (GAZPq.L: Quote, Profile, Research) wants to begin trading liquefied natural gas (LNG) this year with sales gradually reaching 500 million cubic metres in the United States and probably Europe, a Gazprom executive said on Friday.
"We are currently looking for a maximum volume of an equivalent of half a billion cubic metres (a year). It basically means one cargo a month," the head of Gazprom Trading and Marketing, Andrei Mikhalev, told Reuters in an interview.

Gazprom, the world's largest gas producer which supplies Europe with a quarter of its gas needs via major pipelines, is keen to supply gas to U.S. markets, but as yet has no LNG facility to super-cool its gas for tanker shipment.

Gazprom is in talks with oil firms, such as BP (BP.L: Quote, Profile, Research) , to swap its pipeline gas in Europe for their LNG or buy the product directly and begin U.S. deliveries as early as 2005. That would allow it to gain experience in dealing with and selling LNG.

"We are going to try to create different trading models before we start producing our own LNG by around 2010," said Mikhalev, who also oversees Gazprom's pipeline spot gas sales in Britain.

"We see North America as the major market. We don't see major opportunities in European markets so far, but they could arise in the future," he added.


POSSIBLE SCHEMES

Mikhalev said BP was likely to become Gazprom's first LNG partner, but added that the Russian firm was likely to focus on direct purchases of the product from the major rather than on swaps of pipeline gas against LNG.

"One of the possible schemes for us would be to buy LNG from BP on FOB (free-on-board) conditions in places like Qatar and then deliver it to the United States on ex-ship conditions, which is the equivalent of cif (cost of insurance and freight included).".

"This scheme would give us a trading period from the moment of taking the gas... until the period of delivery to the United States," he said.

"It will be largely an optional scheme - if we see that we can't get a good price we may decide against taking the cargo," Mikhalev said.

BP has LNG projects in Trinidad and Tobago, Indonesia, Egypt and Algeria.

By 2009, Gazprom wants to have its own LNG terminal in the Baltic port of Ust Luga near St Petersburg, which could receive output from existing pipelines.

The other option would be to construct a liquefaction plant on the Barents Sea, which supercools natural gas from the giant offshore Arctic Shtokman field.

LNG is gas, cooled to minus 259 degrees Fahrenheit (minus 162 Celsius) into a liquid, which shrinks to less than 1/600 of its original volume. Once it arrives at a re-gasification terminal in special tankers, it is returned to a gaseous state and fed into pipelines.

Mikhalev also said Gazprom could consider some LNG trading options in Britain.

"In theory we could divert a cargo from the U.S. market if we see that prices are more attractive in the UK," he said.

"What we are going to do is to try to learn as much as possible about the market without being really aggressive, before we get our own LNG," he said.

Reuters 2005. All Rights Reserved.



Companies mentioned in this article
Data as of 25 Feb 2005 12:42 PM GMT . Delayed at least 15 to 20 minutes.
Symb Company Last Chg Chg %
BP.L BP 565.00 +9.50 +1.70%
GAZP.MO Gazprom 56.50 0.00 0.00
GAZPq.L OAO GAZPROM ADS 35.85 +0.95 +2.72%

This is from Hamworthy site - I wonder if Gazprom Might be interested !!


Bilboa International Exhibition Centre, Bilboa, Spain, 14 - 17 March


The 21st International Conference & Exhibition for the LNG, LPG and Natural Gas Industries will take place in Bilbao, capital of the Biscay province and financial capital of the Basque Country in Spain.

Hamworthy Svaneh A/S will be promoting its deepwell and booster pumps for LNG, LPG, ethylene, ammonia, and ethylene/chemical carriers.

Hamworthy Gas Systems AS will be promoting LPG and Ethylene carrier cargo handling technology, MOSS LNG Reliquefaction Plants, Re-gasification Plants as well as LNG heat exchangers and VOC recovery plants.

Hamworthy Moss AS, manufacturer of Inert Gas plants and Nitrogen Generator Systems will also be exhibiting.



www.gastech.co.uk/




Related

News

cheers GF.

Moved on up again.

cheers GF.