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.

Business Financial Newswire
Marine and offshore fluid handling systems specialist Hamworthy is increasing its total dividend by 10% to 8.73p after "excellent trading results".

Revenue for the year to the end of March rose 9.1% to 252.8m - a decrease of 1.5% on a constant currency basis.

Operating profit rose 42.3% to 23.0m (2008 restated: 16.1m) or 26.0% on a constant currency basis with margins increasing to 9.1% (2008: 7.0%).

But order intake fell by 22.1% to 177.6m and the closing order book is down 16.5% to 260.4m.

Chairman Gordon Page said: "These excellent trading results are matched with good progress on our strategy outlined last year, placing the Group in a strong position to deal with the current challenging economic conditions."

Not a lot of chat on this one.

Noticed a couple of director buys in addition to the encouraging results.

Is it just you in this one Harrycat?

A terrific little company, imo, but a little dull of late.
Currently not holding stock, but I keep my eye on it & may get back in for the divi.

Business Financial Newswire
"Marine, oil and gas systems and services specialist Hamworthy is acquiring the business and assets of the technology and products division of Aibel AS, the Norwegian oil services company.

The cash consideration for the acquisition will be 3.5m payable upon completion with an additional amount of up to 2.7m payable upon achievement of certain performance criteria over the next two years.

The business had revenues of 13 million for the 12 months to 31 December 2008.

Aibel Technology & Products provides leading technologies to the offshore oil & gas market that are used to increase the efficiency of oil production and ensure the safe handling of cargoes. "

Did Aibel make a profit or a loss from that revenue?

The answer is 'I don't know', but they had gained a recent contract which I imagine is now transferred to HMY:
"OSLO, April 21 (Reuters) - Norway's StatoilHydro (STL.OL) has awarded a contract worth 470 million crowns ($93.85 million) to oil service group Aibel AS for work at the Kaarstoe gas-processing plant, StatoilHydro said on Monday.
The job is part of the 6.5-billion-crown Kaarstoe expansion project at the facility north of Stavanger on Norway's west coast, StatoilHydro said.

StatoilHydro awarded the contract on behalf of Kaarstoe operator Gassco, the company said.

"In addition to its basic value of 470 million crowns, the contract includes options for testing the upgraded facilities as well as for upgrading a steam boiler and removing old equipment," StatoilHydro said in a statement. (Reporting by John Acher)"

I read somewhere (can't remember exactly where, sorry) that they made a loss on the revenue but that HMY would only pay the additional 3.5m if Aibel improved to be profitable.

The article didn't say how much loss was made last year.

Links to AIBEL history. Makes for interesting reading.
http://tinyurl.com/nyn8nj
http://tinyurl.com/kv649r
http://www.aibel.com/

Business Financial Newswire
"Marine fluid management specialist, Hamworthy says that, subject to currency movements, it remains confident of meeting expectations for the year to 31 March 2010 and reports good near term visibility and a robust sales order book which stood at 222m as at 30 June 2009 ( 2008 301m).

The Group said that order intake for new product sales remained slow with a total order intake for the Group of 29 m for the first quarter (2008 51m).

Order intake for Aftersales continues at the steady levels seen through the last financial year.

The Group benefited from sterling's weakness in currency translation in the year to 31 March 2009. Since the year end sterling has strengthened by approximately 6% against the basket of the Group's reporting currencies.

Hamworthy has identified a number of areas where cost savings can be acheived. In addition to the cost reductions previously announced in the Gas Systems and Water Systems businesses, the Group is taking action to reduce costs in its deepwell pump business in Denmark after two years of very high levels of activity. This will result in a headcount reduction in that business of 13%. "

Business Financial Newswire
Although AGM statement shows Hamworthy is confident about meeting current year expectations, Collins Stewart says order intake is at levels which lead to downgrade.

Has cut 2010/11 forecasts to PBT of 15.9m (from 18.6m) and EPS of 24.6p (29.9p). "

Business Financial Newswire
Hamworthy initiated at Altium with buy recommendation, 300p TP

Business Financial Newswire
"First half revenues at marine and offshore fluid handling systems specialist Hamworthy fell 11% to 100.4m.

Operating profits decreased by 20.6% to 10.2m with underlying earnings per share down 25.8% at 16.7p.

The order book at the end of September stood at 196.3m compared with 309.1m a year ago.

But the firm said there was strong cash generation from operations of 15.9m (H1 2008: 13.3m), leading to net funds at 30 September 2009 of 63.9m (30 September 2008: 56.6m).

The interim dividend is up 5% at 3.20p per share. "

Business Financial Newswire
"Marine engineering specialist Hamworthy said it continues to trade in line with expectations, achieving a high profit-to-cash conversion.

The group said it remains confident of meeting full year expectations for the year to end-March 2010.

The order book at end-February 2010 stood at 163m (2009: 270m). As expected, the rate of order intake in the second half of this financial year for original equipment has remained in line with the level reported for the first half year. Demand for the Group's Aftersales products and services continues to remain steady.

In the shipbuilding market ordering of new vessels remains at historically low levels. Whilst the Group has witnessed a slight improvement in some areas, general market conditions remain challenging and it is still too early to predict when activity levels will return to normal.

Hamworthy remains focused on margin improvement across the Group and action continues to be taken to reduce its cost base to match current trading conditions. In addition the Group is pursuing a range of organic and acquisitive growth opportunities, in particular within the upstream oil and gas sector and markets driven by environmental legislation.

Hamworthy will be announcing its Preliminary Results on Wednesday 2nd June 2010. "

StockMarketWire.com
"Operating profits at marine and offshore fluid handling systems specialist Hamworthy fell 15.2% - 20.5% on a constant currency basis - to 19.5m in the year to the end of March.

Revenues fell 15.2% - 19.5% on a constant currency basis - to 214.3m - but operating margins were maintained at 9.1%.

Underlying basic earnings per share fell 19.5% to 32.2p and the order intake reduced by 44.3% to 99m while the closing order book was down 45.4% at 142.1m.

Chairman Gordon Page said: "This is another strong set of trading results for Hamworthy, despite on-going challenges in our markets.

"We have, however, maintained our operating margins on reduced revenue and once again remained highly cash generative.

"The group has a strong balance sheet and a range of long-term growth opportunities and, despite short term market uncertainties, the board looks forward with confidence."

"Hamworthy (AIM:HMY) announces today that it has won a contract in excess of 5 million for delivery over the next two years to supply its exhaust gas cleaning technology. The orders have been placed by Korean shipbuilder Daewoo Shipbuilding and Marine Engineering Co., Ltd. and relate to equipment for four 45,200dwt Roll-On Roll-Off vessels which are being built for Italian-based fleet operator Ignazio Messina & C. S.p.A.

Hamworthy acquired Krystallon, a leading supplier of ships' exhaust gas cleaning systems, in September 2009. The acquired technology provides a cost-effective means of complying with the International Maritime Organisation and EU regulations for the reduction of SOx emissions from engines and boilers. As regulatory deadlines for emissions control draw closer and new geographical territories seek emissions control status, interest from ship owners has grown significantly."

StockMarketWire.com
Marine and offshore fluid handling systems specialist Hamworthy has won orders worth around 10m.

The firm has clinched an order for the supply of pumps and pump systems for the Papa Terra FPSO and a contract for cargo handling systems for two LPG-carriers.

The pump contract for the Papa Terra FPSO comprises the cargo pump room system, firewater pump system and sea-water lift pumps.

Delivery of the equipment is scheduled for the end of 2010 and beginning of 2011.

Papa Terra FPSO will be owned and operated by BW Offshore for Petrobras in Brazil. The contract to supply LPG cargo handling packages was awarded by Hyundai Heavy Industries Co for installation on two 23,000 cubic metre fully refrigerated LPG carriers for delivery to Indonesian owner Pertamina Shipping.

The contract includes all cargo related engineering and equipment and will be delivered in 2010 and 2011.

Chief executive Joe Oatley said: "We still expect the shipbuilding market to remain challenging for some time and it remains too early to predict when a wider sustained recovery in our core markets will occur.

"However, these orders are encouraging and reinforce the signs of increased activity in the FPSO and smaller LPG markets reported earlier this month."

StockMarketWire.com
"Marine and offshore fluid handling systems specialist Hamworthy has won a 50m contract from Brazilian shipyard Estaleio Promar.

The contract is for ship design and supply of cargo handling systems for eight LPG carriers.

The scope of supply includes the design of the ships and the design and supply of the cargo tanks, in addition to the cargo handling system.

Delivery of the equipment is scheduled from mid-2012 to mid-2015.

The eight LPG carriers will be owned and operated by Transpetro, a subsidiary of Petrobras in Brazil. "

StockMarketWire.com
Hamworthy has won a contract worth more than 20m with Chinese shipyard Nantong Sinopacific Offshore & Engineering.

Hamworthy said the contract was for cargo handling systems on six 12,000cu m liquid ethylene gas carriers.

Delivery will begin in December 2011 through to mid 2013.

The scope of supply includes engineering, reliquefaction plant and deep well cargo pumps.

Offshore pump order breakthrough in Brazil
Hamworthy (AIM:HMY) is pleased to announce that it has been awarded a contract from Brazilian shipyard Engevix Construcs Oceicas S.A. for the supply of cargo pumping systems for eight Floating Production Storage and Offloading vessels (FPSOs). The contract is worth approximately 30 million. Delivery of the equipment is scheduled between 2012 and 2014.

Joe Oatley, Chief Executive of Hamworthy, said: "This is a significant breakthrough for electric driven deepwell cargo pumps in the offshore oil production market. The Brazilian market continues to be an important focus for the Group in both the marine and offshore sectors."

Hamworthy is pleased to announce that it has signed a contract with Perunding Ranhill Worley - Muhibbah Consortium to supply a liquid natural gas ("LNG") regasification system with a value in excess of 20 million. The regasification system is scheduled for delivery in early 2012.

The technology used is similar to Hamworthy's previous ship-based regasification contracts, but will be installed on a fixed jetty situated off the coast of Malaysia.

Joe Oatley, Chief Executive of Hamworthy, said: "We have witnessed an increase in demand for LNG regasification facilities in the Far East as the demand for energy increases in this region. This contract award confirms Hamworthy's position as a leading provider of compact and fast-track LNG regasification solutions."

Excelent news Harry.