TGE MARINE AG (TGE)

TGE MARINE AG (TGE)

TGE MARINE AG (TGE)- FIRST DAY OF DEALINGS ON AIM

TGE, a leading provider of engineering services for the design and construction of gas carriers and offshore units, today announces the placing of 516,604 ordinary shares with no par value to new investors and the admission of the Company’s Ordinary Shares to trading on the AIM Market of the London Stock Exchange.

COMPANY BACKGROUND
TGE is a leading provider of engineering services for the design and construction of gas carriers and offshore units. The Group provides a turnkey solution for the engineering design, procurement and construction supervision of marine gas handling and storage systems as well as vessel designs. To date, the Group has supplied gas handling and storage systems for in excess of 100 gas carriers in more than 20 shipyards in Europe, Asia and South America. In particular, the Group has been active in China since 1989 and, to the Directors’ knowledge, has acted as the engineering provider to every Chinese-built IGC compliant gas carrier delivered to date. For the year ended 30 June 2007, the Group’s operations generated revenue of €82.3 million, reported profit before tax of continued operations of €9.9 million and adjusted PBT of €14.0 millionKEY STRENGTHS
The Directors believe key strengths of the Group are it's a long-established market leader, it's breadth of product offering, it's a sustainable, profitable business model and it's experienced commercial and technical management team.

Dr Manfred Küver, Chief Executive Officer of TGE, commented:
“We are very pleased with the response the IPO received from investors who were impressed with our market position in cryogenic gas carriers, and excited by the opportunities this presents us to participate in the developing offshore LNG market.
“TGE is a robust, profitable business, with good visibility of earnings, and direct exposure to gas infrastructure investment and Chinese shipbuilding.  We have brought together a talented, highly specialised team of both engineers and technicians who are committed to maximising the opportunities that now present themselves."
“To my mind, both technically and commercially, we have long been the leading gas engineering business in our market and I look forward to exploiting these strengths to the benefit of both our new and our old shareholders.”

Tim Cockroft, Head of Capital Markets at Kaupthing, commented:
"Kaupthing is delighted with the level of support from investors in TGE Marine AG, one of the largest floats on AIM so far this year, particularly given the challenges new issues are currently facing in these markets.  The successful marketing effort is a reflection on the attractiveness of TGE's offering which has further benefited from Kaupthing's reach and distribution across the UK, Europe and US."

For more information go to www.tge-marine.com

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