Hallin Marine Subsea International plc – 2008 Record Results
HALLIN BEATS FORECASTS WITH 2008 RECORD RESULTS
Hallin Marine, the provider of subsea solutions to the oil and gas industry, announces record preliminary results in respect of the year ended 31 December 2008, well ahead of analysts’ forecasts.
Hallin has strong market positions in South East Asia, China, the UK, the Gulf of Mexico and India. Typically the projects undertaken comprise engineering design and analysis and the surveying, maintaining, repairing or installing of subsea equipment for the oil and gas industry.
Highlights
• Turnover and Dividend doubled, Net Profit and Earnings Per Share trebled
• Turnover increased 116.0% to US$139.9m
• EBITDA increased 177.8% to US$41.2m
• Net Profit after tax increased 213.4% to US$31.5m
• Earnings per share increased 209.3% to 77.61 cents
• Dividend increased 100% to 2p per share
• Major increase in operating assets
Tony Ebel, Chairman of Hallin Marine, said: “In the year in which Hallin celebrated its tenth anniversary we are pleased to report outstanding performance throughout the Group. We continue to feel very positive about Hallin’s ability to weather the uncertainties of 2009 and to continue its history of growth.”
About Hallin Marine
Hallin Marine was formed in 1998 to provide high quality marine and underwater services to the offshore industry, particularly in support of Oil & Gas development. It has grown from a US$1 million turnover company in its first year to a US$64 million turnover company in 2007. Hallin Marine was admitted to AIM in April 2005 and won the UK’s prestigious Business of the Year Award in November 2008.
The Company is an experienced provider of subsea construction and inspection solutions. It employs experienced subsea engineering staff to manage projects using: support vessels; saturation diving systems; air/mixed gas diving spreads and Remote Operating Vehicles (ROVs). The Company owns the principal operating assets of diving systems and ROVs.
Hallin’s expanding operations cover: South East Asia; India; China; Africa; the Middle East; the USA; Russia, Australia and the UK.
The Company is divided into four divisions: subsea operations West Division, based in Aberdeen, Scotland; subsea operation East Division, based in Singapore; the Manufacturing Division, also in Singapore where saturation diving systems, air diving systems and ROVs are designed and manufactured; and Prospect Flow Solutions Ltd, the engineering consultancy service to the energy sector with offices in Aberdeen, Derby, Stavanger and Houston. A further engineering design centre focusing on robotics is located in the UK at Malton, North Yorkshire.
The great majority of the work undertaken by the group has the oil and gas industry as the ultimate client. Typically the work undertaken by the Group comprises the design, installation, construction, maintenance, repair or survey of equipment required to transport oil and gas from the seabed. Most of the projects are planned well in advance and Hallin’s role is that of a key contractor, often working as part of a larger team. The largest projects may take two or more years from decision to go ahead to the stage where Hallin’s staff or equipment enters the sea.
Hallin provides clients with safe, professional and cost effective solutions by combining innovative approaches and new technology with time proven techniques.