com:20090708:RnsH2970V

RNS Number : 2970V  
  
Hamworthy plc  
  
08 July 2009  
  
 
  Press Release   8 July 2009  
  
  
Hamworthy plc  
  
("Hamworthy" or the "Group")  
  
Acquisition of gas and separation systems businesses  
  
Hamworthy (AIM:HMY), a world leader in the design and manufacture of specialist 
systems and services for the marine and oil & gas industries, today announces 
that it has signed a legal agreement to acquire the business and assets of the 
Technology & Products division of Aibel AS, the Norwegian oil services company.  
  
The cash consideration for the acquisition will be £3.5 million payable upon 
completion with an additional amount of up to £2.7 million 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. A 
further announcement will be made on completion.  
  
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. The principal products are electrostatic 
coalescers for the enhanced separation of oil and water during the oil 
production process, hydrocarbon blanketing systems to ensure the safe handling 
of cargo on FPSOs, flare gas ignition systems and flare gas recovery systems.  
The electrostatic coalescers are used by customers experiencing operational 
challenges such as heavy oils and increased water production from maturing 
fields whilst the hydrocarbon blanketing and flare gas systems provide solutions 
to help customers safely reduce emissions and achieve zero flaring objectives.  
  
The acquisition will report as part of the Group's Gas Systems division.  
  
Joe Oatley, Chief Executive of Hamworthy, said: "This acquisition represents 
continued progress on implementing our strategy of expanding the Group's 
presence in the offshore oil & gas market. It will bring leading, patent 
protected, technologies into the Hamworthy Group and provide exciting 
opportunities for long term growth."  
  
- Ends -   
  
For further information:  
  
 
  Hamworthy plc                                                
  Joe Oatley, Chief Executive       Tel: +44 (0) 1202 662 600  
  Paul Crompton, Finance Director   www.hamworthy.com          
  
  
 
  Hawkpoint Partners Limited                              
  Christopher Kemball          Tel: +44 (0) 20 7665 4500  
  Vinay Ghai                   www.hawkpoint.com          
  
  
Media enquiries:

Abchurch
Henry Harrison-Topham / George Parker  Tel: +44 (0) 20 7398 7702
henry.ht@abchurch-group.com            www.abchurch-group.com


Notes to editors

Hamworthy is a leader in the design and manufacture of innovative gas 
handling, pumping and water management systems for the marine and oil 
& gas industries. The business benefits from markets that have long-
term growth prospects. It produces technically advanced solutions, 
often in response to environmental needs and legislation.

With its headquarters in the UK, operations in 13 countries and 
representation in over 50, the Group has established a leading global 
position in its chosen markets. Further information on Hamworthy plc 
can be found at www.hamworthy.com

Aibel AS ('Aibel') is one of the largest Norwegian oil service 
companies that engineers, builds, maintains and modifies oil and gas 
production facilities. Hamworthy has agreed to acquire the business 
and assets of the Technology and Products division of Aibel comprising 
Separation solutions and Gas solutions.  More detailed information on 
this division can be found at www.aibel.com

   
                This information is provided by RNS
       The company news service from the London Stock Exchange

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