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.

Going in the right direction ....UP.


cheeers GF.

DTI report - UK capability in LNG global market.

http://www.dti.gov.uk/energy/eid/LNGDocument_URN05_10161.pdf

Detailed report on the UK capability in the global LNG market, includes some quoted UK support service companies who are well positioned to benefit.

A few quotes from the report:

'Natural gas will overtake oil in providing primary energy-equivalent consumption as early as 2025 with LNG market demand reaching 500 m tonnes per annum in 2030.' C Watson, Shell.

In conclusion: ' natural gas is the only viable fuel that can link the carbon based global energy supply used today to a renewable based energy supply that will have to be used in the future. It is the only relatively clean alternative to oil and coal, fully supported by commercially effective production and distribution technologies - there is little doubt therefore that natural gas and in particular LNG will be not only the fuel of choice: but the fuel for the future'!

QATAR LNG - FURTHER SIX VESSEL ORDER WITH FULL SCALE LNG-RS PLANTS

Lloyd's List - 30 March 2006

Nakilat confirms $1.8bn LNG order
Breaking News
By Tony Gray



QATAR Gas Transport (Nakilat) has confirmed that it will own 100% of the world's six largest liquefied natural gas (LNG) carriers which are being ordered for $1.8bn.

Nakilat said it had been awarded 25-year time charters by Qatar Liquefied Gas Co Ltd (II) for the six so-called QMax vessels, each of which will have a capacity of 265,000 cu m.

The $300m vessels would be ordered from South Korea's Daewoo Shipbuilding and Marine Engineering and Samsung Heavy Industries, said Muhammad Ghannam, now Nakilat's acting managing director following the departure of Robert Curt.

QGII intends to use the vessels to transport LNG from its train numbers four and five, which will each have a production of 7.8m tons a year.

The vessels will be placed on long-term charter to QGII from mid-2008. Nakilat has long stressed its intention to move to a 100% ownership position in its LNG carriers.

Previously, Nakilat has acquired stakes of 30%-60% in about 30 LNG carriers. However, the decision will result in disappointment for several shipowners who had been pursuing the business for many months. Mr Ghannam said:We see the six QMax ships for QGII as the beginning of a series of additional vessels we hope to be ordering over the next 8-10 months for other Qatar LNG ventures.

The ships will be powered by twin slow speed diesel engines and will have full scale on-board re-liquefaction plants which maximise LNG deliveries to QGII's customers.

REG-Hamworthy plc Trading Statement


Released: 31/03/2006

RNS Number:7112A
Hamworthy plc
31 March 2006


Press Release 31 March 2006



Hamworthy plc



("Hamworthy" or "the Group")



Pre-Close Trading Update


Hamworthy (HMY.L), a world leader in the design and manufacture of innovative
marine and offshore fluid handling systems, is pleased to give the following
trading update as it enters its close period.



The Group's Results for the year ended 31 March 2006 are expected to be in line
with market expectations. The order book at February 2006 stands at 203
million for delivery over three years (September 2005: 170.7 million). With
this record order book and a positive outlook across the portfolio of the
Group's markets the board looks forward to the future with confidence.



The Group will be announcing its Preliminary Results on Tuesday, 30 May 2006.



An analyst briefing given by Gordon Page (Non-Executive Chairman), Kelvyn
Derrick (Chief Executive) and Paul Crompton (Finance Director), will be held at
9.30 am on Tuesday, 30 May 2006 at Abchurch Communications Ltd, 5th Floor, 100
Cannon Street, London, EC4N 6EU.







- Ends -



For further information:
Hamworthy plc
Kelvyn Derrick, Chief Executive Tel: +44 (0) 1202 662 600
Paul Crompton, Finance Director Tel: +44 (0) 1202 662 600
www.hamworthy.com



Media enquiries:
Abchurch
Henry Harrison-Topham / Ariane Comstive Tel: +44 (0) 20 7398 7700

henry.ht@abchurch-group.com www.abchurch-group.com

Broker Altium Capital today upgraded their add recommendation to BUY.

Suddenly sprung back into action today.

Been in for a long time and intend to stay in for a lot longer. A no brainer to me, BUT need to look out for competition to which there seems little at the mo.

I agree Kivver.

I wouldn't be surprised to see Hamworthy as a takeover target for Swedish firm Atlas Copco with whom they already work together at times. If Hamworthy found themselves in need of big financial backing for some major expansion i can see them considering agreeing to that as one possible option. Or at least being to boast it as a possibility when seeking bank funds.

Example of a statement a year ago from Atlas Copco, re an order that is coming to fruition this Spring/Summer:


Stockholm, Sweden, April 18, 2005-Atlas Copco has received two large
orders for integrally geared turbo compressors for a new application in
the liquid natural gas (LNG) market. The total order value is about MSEK
240. The compressors will be used on board ships which will carry liquid
natural gas from a large gas field in Qatar.

The two orders, received by Atlas Copco Energas, Germany, in Atlas
Copcos Gas and Process division, are part of a large project. The
compressors have been ordered by marine specialist Hamworthy Gas Systems
based in Norway, for delivery to three Korean shipyards. The ships will
operate between Qatar and the United Kingdom.

Delivery will take place between May and September 2006 to the shipyards
in Korea, where the vessels will be built. The compressors will be used
in an innovative way for re-liquefaction of liquid natural gas on board
the ships, which are the largest ever of their type. Atlas Copco has
been working with Hamworthy for many years to develop this new process
in an important growing market segment.
Says Bengt Kvarnbk, President of Atlas Copcos Compressor Technique
business area: Atlas Copcos Gas and Process division has made a
long-term commitment in developing, together with Hamworthy, a highly
efficient solution for the growing market of LNG tankers. This is now
being rewarded with significant orders. With the strongly growing demand
for natural gas, we are optimistic regarding our future business
prospects for this market segment.



For further information please contact:
Joanna Canton, Media Relations Manager
+44 (0)1442 222 312 or +44 (0)7971 650 115

Interesting Juzzle, at what price though?.

More good news:

LONDON (AFX) - Hamworthy PLC, a designer and manufacturer of marine and offshore fluid handling systems, said it has won 20 mln stg of contracts from Daewoo Shipbuilding and Marine Engineering Co (DSME).

One contract to supply liquid petroleum gas reliquification systems and other equipment for six very large gas carriers is worth around 15 mln stg, the company said.

Hamworthy will also supply the same very large gas carriers with deepwell cargo pumps and inert gas systems for around 5 mln stg.

Chief executive Kelvyn Derrick said: 'This together with our breakthrough into Hyundai Heavy Industries last November leaves us in a strong and diversified position in the LPG gas handling market.'

Cheers, Madison

More good news...

Hamworthy wins 20 mln stg contracts for offshore gas handling equipment
AFX


LONDON (AFX) - Hamworthy PLC, a designer and manufacturer of marine and offshore fluid handling systems, said it has won 20 mln stg of contracts from Daewoo Shipbuilding and Marine Engineering Co (DSME).

One contract to supply liquid petroleum gas reliquification systems and other equipment for six very large gas carriers is worth around 15 mln stg, the company said.

Hamworthy will also supply the same very large gas carriers with deepwell cargo pumps and inert gas systems for around 5 mln stg.

Chief executive Kelvyn Derrick said: 'This together with our breakthrough into Hyundai Heavy Industries last November leaves us in a strong and diversified position in the LPG gas handling market.'

newsdesk@afxnews.com

ks

And more good news.........

Hamworthy happy as profits boom
MoneyAM
Marine technology group Hamworthy said profits for the year to March 31st were up 29% to 8.5m on a turnover up 20% to 137m.

It also said that outstanding orders at year end were valued at 206.8m, up 71% year on year.

In a statement alongside the figures the company said: 'The strength of the current order book gives the company confidence that the results for the new year may exceed its expectations.'

Chairman Gordon Page said: 'These are excellent results and provide a solid foundation for continued future growth.'

The group is paying a final dividend of 4.2p for a total payout of 6p, up sharply form 3.24p in 2005.

Interesting read from Citywire - all 5 pages of it.

http://www.citywire.co.uk/News/NewsArticle.aspx?VersionID=82509&NewsPage=1

Includes comments from Kelvyn Derrick - the Chief Executive

All very positive.

Times - 31 May 2006

Hamworthy, which makes fluid-handling systems for ships, put on 30p to 337p as Collins Stewart set a 400p target on in-line full-year figures. Paul Compton, analyst, reckons that new products related to liquefied natural gas offer the prospect of a quantum leap in earnings.

Going great guns at the moment.

Moving along nicely, steady does it.

More excellent news:
26 July 2006

Hamworthy announces first onboard LNG regasification orders with Samsung

Hamworthy (AIM:HMY), a world leader in the design and manufacture of innovative
marine and offshore fluid handling systems, has won an order to supply onboard
LNG regasification plants for two LNG Shuttle Regasification Vessels ('SRVs')
from Samsung Heavy Industries Limited ('SHI') for a significant but undisclosed
value. In addition, the Group has received an option for a further shipset of
equipment. It is expected that the equipment for these SRVs will be delivered to
SHI during 2008 and 2009.

The SRVs have been ordered by Norwegian ship owner, Hoegh LNG with whom the
Group has been engaged in the development of onboard LNG regasification plants.
Once delivered by SHI these SRVs will serve the proposed Neptune LNG deepwater
terminal in Massachusetts Bay bringing gas into the United States. The SRV
system provides a method for delivering gas to market with a solution that is
safe, commercially competitive and environmentally friendly and which avoids the
need for an onshore receiving terminal.

The Neptune deepwater terminal, which will be located approximately ten miles
south of the City of Gloucester and 22 miles north east of Boston in water
depths of circa 250 feet, is still subject to approval by the US Coastguard. As
a result, SHI has the right to cancel the orders and option no later than 30
January 2007 if the Neptune project does not receive the necessary US approvals.
Should the order be cancelled Hamworthy does not expect to incur any material
net loss.

Kelvyn Derrick, Chief Executive of Hamworthy plc, said: 'This is a new gas
technology for Hamworthy serving a new market where the preferred solution for
the discharge of LNG is to maintain the vessel offshore and regasify onboard in
order to avoid the need for a terminal on land. We believe that many new
terminals will be built to handle the increasing volumes of LNG particularly in
the US thus enhancing the prospects of further organic growth for Hamworthy.'


- Ends -

Cheers, Madison

This is a lovely company. Regular (good) newsflow, factual, without ever being speculative. Yet more good contract news released today. Been in this one now for 2 years and it is hard to find the will to sell such a steady performer.

LONDON (AFX) - Hamworthy PLC said it has won a 15 mln stg order from Hyundai Heavy Industries to supply three more LNG reliquefaction systems.

The contract will be undertaken on a consortium basis. Deliveries will start in the fourth quarter of 2007, the company said in a statement.

The systems will be installed on 'QFlex' LNG carriers, which have about 215,000 cubic metres capacity, and will service the QatarGasIII LNG plant.

This brings Hamworthy's total orders for the product since December 2004 to 23 shipsets worth over 110 mln stg.

newsdesk@afxnews.com