Hamworthy Scores LNG Regasification Order (South Korea)

Hamworthy, a world leader in the design and manufacture of innovative marine and offshore fluid handling systems, announced that it has secured contracts worth approximately £40 million for the supply of Liquid Natural Gas (LNG) regasification and Liquid Petroleum Gas (LPG) cargo handling systems with Hyundai Heavy Industries (HHI).

The first contract is for the supply of LNG regasification systems to be installed on two Floating Storage Regasification Unit (FSRU) vessels ordered earlier this year by Höegh LNG. The regasification systems are scheduled for delivery in 2012 and early 2013.

The second contract is for the supply of the LPG cargo handling system to be installed on an 84,000 m³ new build LPG carrier ordered earlier this year by Solvang. The equipment, which includes Hamworthy’s newly patented reliquefaction technology, is due for delivery in 2012.

 Joe Oatley, Chief Executive of Hamworthy, said: “We are pleased to maintain our leading position in the markets for LNG regasification and LPG reliquefaction and are very pleased to being working with HHI and Höegh LNG again. Increasing global demand for gas importation continues to generate strong interest in our leading technologies.”

As a result of these contract awards, an improved outlook for the Group’s newly acquired business, AW Flow Holdings Limited, and the continuing strength of the Group’s prospects, the Board now anticipates exceeding its previous expectations for the financial year to March 2012.

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Source: Hamworthy, November 7, 2011