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.

why is Hamworthy winning all the orders for reliquefaction equipment? Is there no competition, are they cheaper, is their kit better than anyone elses? How long can this dominance last? Hopefully a long time, but does anyone know who else is in the same market and why they are not getting these contracts?

Alter ego

Their LNG-RS orders are linked to the development of the Qatar LNG Industry, which is being developed in conjunction with oil major ExxonMobil, who recently approved a 7.5Billion Usdollar investment programme, the biggest in its corporate history, for the next stage of developements connected to this project.

Knowing that they would need very large new generation vessels to make this business commercially viable ExxonMobil and the South Korean shipyards who are to build the vessels have been working with Hamworthy over a number of years in the developement of its LNG-RS for their proposed vessels.

As regards competitors, Cryostar and Tractebel are developeing competing products but have someway to go to catch up with Hamworthy, who has secured 100% of the world market to date. As always DYOR.

I think I should add some more on that excelent news.

cheers GF.

Moving ahead nicely.

cheers GF.

REG-Hamworthy plc Notice of Results


Released: 01/11/2005

RNS Number:4107T
Hamworthy plc
01 November 2005




Press Release 1 November 2005



Hamworthy plc

("Hamworthy" or "the Company")


Interim Results - Tuesday 22 November 2005



Hamworthy plc (AIM:HMY), a world leader in the design and manufacture of
innovative marine and offshore fluid handling systems focused on gas handling,
pumping and wastewater management, advises that it will be announcing its
Interim Results for the six months ended 30 September 2005 on Tuesday 22
November 2005.


An analyst briefing given by Gordon Page (Non-Executive Chairman), Kelvyn
Derrick (Chief Executive) and Paul Crompton (Finance Director), will be held at
10.30 am on Tuesday, 22 November 2005 at Abchurch Communications Ltd, 5th Floor,
100 Cannon Street, London, EC4N 6EU.




- Ends -

Wow - what happened to HMY - up niceley one minute - then down 13!!!

.......and another order

"Hamworthy plc
14 November 2005


Press release 14 November 2005


Hamworthy plc

Hamworthy receives a further order from Hyundai Heavy Industries

for a LPG reliquefaction package



Hamworthy plc (HMY.L), a world leader in the design and manufacture of
innovative marine and offshore fluid handling systems, has won a further order
at Hyundai Heavy Industries (HHI) to supply a liquefied petroleum gas (LPG)
reliquefaction package to three very large gas carriers (VLGC). The contract
has a value in excess of 12 million and includes all cargo related engineering
and equipment.



The ships will be constructed at HHI in Ulsan, Korea for delivery to Greek based
Consolidated Marine Management Inc (CMM). The Hamworthy LPG plants are expected
to be delivered to HHI during 2007 and 2008.



Kelvyn Derrick, Chief Executive of Hamworthy plc, said: 'Having won our first
LPG cargo handling package at HHI only two months ago, we are delighted to have
a further order for three shipsets bringing the total to five. As mentioned in
our announcement of 28 September 2005, HHI is the largest ship builder worldwide
and is also the largest builder of LPG ships. We are very pleased to be working
with HHI on projects for two different ship owners and look forward to
strengthening the relationship.'

Baza

Tremendous news! Thanks Baza.

Cheers, Madison

Blimey where are they going to store all this dosh from contract wins. It just goes on and on.

cheers GF.

Nice little snipit in the Times - under "Smaller Stock to Watch" -

"Hamworthy the marine engineering specialist that joined the AIM last year at 109p added 4.5p at 314.5 on a 12m order from Hyundi Heavy Industries of South Korea, to supply LPG reliquefication plants to 3 of its ships. It is the 3rd contract that the company has secured in 2 months from HHI, the world largest builder of LPG vessels. Altium securities left its profit forecasts unchanged but repeated its "add" recommendation and 340p target before HMY's first half figures on November 22"

bhunt1910, I know the broker set a price target of 340p but you didn't have to add 10p to the price quoted by the Times (it was really 314.5p) ;-)

Oops - finger trouble - now corrected - still good news

Baza

Yes, each contract announced is good news and nice to see attention being drawn in a daily newspaper. Unless I misread the situation totally, there just has to be a revision to brokers estimates following the interims. The current ones are not factoring in a series of orders of this scale IMO. Those who currently think HMY are expensive are valuing on a historic basis and need to imagine what winning a string of multi million contracts will do for future earnings. DYOR of course, what do I know?

|??

Qatar LNG Project - Potential Further Business - To date Hamworthy has won 100% of contracts awarded for vessel LNG RS plant in connection with this project.



Lloyd's List 17 Nov 2005

ExxonMobil launches landmark $14bn Qatar LNG project

New company will require 18 vessels to serve two giant liquefaction trains, writes Tony Gray.


EXXONMOBIL and Qatar Petroleum have officially triggered a $14bn liquefied natural gas project which will require 18 vessels to serve two giant liquefaction trains.

At an inauguration ceremony in Doha the partners launched Ras Laffan Liquefied Natural Gas Co, or RL3.

The company, which has previously been known as RasGas 3, will bring the total number of trains operated by RasGas Co Qatar Petroleum 70%, Exxon- Mobil 30% to seven.

The latest projects trains six and seven will each have a capacity of 7.8m tonnes a year.

Individually, these trains are larger than many of the multi-train LNG projects that exist today.

RL3, the largest LNG project ever announced, will be developed in two consecutive phases with Train 6 scheduled to begin production in the second half of 2008, and Train 7 a year later.

The gas will be delivered mainly to the US the project includes a regasification terminal in the Gulf of Mexico with a daily capacity of 2bn cu ft on the largest LNG vessels ordered to date.

Initially, RL3 is chartering 12 LNG carriers to support Train 6.

Earlier this year it was reported that Teekay had been awarded charters on four 217,000 cu m vessels to be constructed by Samsung, while the the Japanese J5 consortium Mitsui OSK Lines, NYK, K Line, Iino Kaiun Kaisha and the Mitsui trading house had scooped charters for eight 210,000 cu m vessels.

Daewoo will build five of these vessels and Hyundai the other three.

ExxonMobil and Qatar Petroleum expect an additional six LNG carriers to be required to support Train 7. These contracts are expected to be awarded by the end of this year.

A spokesman for ExxonMobil said the fewer vessels required for Train 7 reflected shorter voyage distances. As well as the US, some of this LNG will be delivered to India and Europe.

There was not expected to be any significant difference in ship capacity.

RL3 has also signed financing documents securing funds to proceed with execution of the project. In total, $4.6bn was raised from 19 commercial banks, bond market offerings and loans from ExxonMobil.

The $2.25bn raised in the bond offerings represents the largest energy project financing in the history of the capital markets.

This was the initial tranche of a broader $10bn debt programme to underwrite the remaining expansions for RL3 and RL II.

This was the initial tranche of a broader $10bn debt programme to underwrite the remaining expansions for RL 3 and RL II.

The state of Qatar is very pleased with the success of this landmark financing and we are well positioned to raise the full $10bn required for the expansion of RL II and 3 efficiently and at an attractive cost, said Yousef Hussein Kamal, Qatars minister of finance.

The engineering, procurement and construction contracts for Trains 6 and 7 have been awarded to J Ray McDermott Middle East for the offshore facilities and to Chiyoda Corporation and Technip France Joint Venture for the onshore work.

Looks very bright for the future.

cheers GF.

Qatar Gas Project - Vessel Requirement Update

To summarise report in Lloyd' List below:

Project has the following LNG/LPG large vessel requirement:

LNG - 28 vessels ordered/contracted
- 35 to 40 further new vessels for future developments

LPG - 20 to 30 new vessels for future developments

The ship requirement plan may then have the potential for 55 to 70 further LNG/LPG reliqifaction systems worth between 300M to 400m over the next five years

Additionally, there may also be the potential for significant plant maintenance income for the LNG/LPG onboard systems during the 25 year working life of the vessels.



Lloyd's List 18 November 2005

Ambitious Nakilat to increase its share of Qatar's LNG fleet
Company looking at possibility of 100% ownership of carriers, writes Tony Gray.




Qatar Gas Transport Co, also known as Nakilat, has reaffirmed its aspiration to take full control of some of the liquefied natural gas carriers serving the nation's fast growing industry.

To date, Nakilat has acquired stakes of 30%-60% in 28 LNG carriers.

The company will also own interests in 35-40 additional vessels which will serve Qatar's next five large liquefaction trains.

The big question, said Nakilat's marketing manager Christian Steimler at a DNV maritime forum on LNG in London, was whether the company would opt for 100% ownership.

That is the intention, he said, adding that it would depend on charter rates at the time.

Ultimately, Nakilat would have interests in 70-100 LNG carriers costing about $16.5bn.

Mr Steimler pointed out that associated products such as liquefied petroleum gas, sulphur and condensates, contributed 40% of total revenues of a Qatar LNG project.

Qatar's LPG output, for example, is expected to grow from 2m tonnes in the current year to 14m tonnes in 2014.

To avoid fruitless competition among the projects, Qatar has established a company to handle the joint marketing and shipping of the associated products.

Nakilat is its exclusive shipping company.

In LPG, this could result in Nakilat requiring 20-30 very large gas carriers costing $2.5bn.

Mr Steimler said Qatar was keen to sell LPG on a freight paid basis to enable more efficient scheduling.

Turning to sulphur, Mr Steimler said output could reach 3.5m tonnes a year by 2010. Nakilat was contemplating a fleet of up to 15 handymax bulkers costing about $500m for this trade.

He said there were major opportunities for backhaul cargoes as Qatar imported large volumes of fertilisers and other bulk products.

Mr Steimler noted that condensate was at present sold on a free-on-board basis although the viability of term and cost and freight exports were being explored.

This could justify the construction of a new single buoy mooring facility to handle fully laden VLCCs.

Meanwhile, DNV's head of business and marketing, Wilhelm Magelssen, pointed out that Russia held 27% of the world's gas reserves and in the next five or six years LNG carriers would be constructed for Arctic operations. Going through Arctic ice conditions, he said, made it even more important for all in the industry to focus on ensuring the availability of experienced crews as the world fleet grows.

Debby Turner, director of LNG and gas research at Braemar Seascope, highlighted the growing practice of price arbitrage in the industry. Vessels had been turned-round in the mid-Atlantic, she said. Cargoes initially destined for Britain had ended up in the US.

It had also resulted in an occasional backhaul cargo, she added, something previously unheard of in the LNG business.

Interim Results of this morning

http://moneyextra.uk-wire.com/cgi-bin/articles/200511220701134660U.html

The placing of 6.1 mln new shares at 285 pence per share is interesting.

Interesting because:

It's only a 7.3% discount to yesterday's relatively advanced closing price

"The shares have been conditionally placed with institutions..."

It all makes good sense, accompanying good results and increasing orders.

It will make the company more attractive to new clients.

so (notwithstanding a dip for the placing ) we expect the LONGTERM upward trend of HMY sp to continue?

Cheers, Madison