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HAMWORTHY BALTIC SHIP DESIGN

July 20, 2010

Hamworthy books $77 million Brazil contract

Hamworthy plc (LON:HMY) has been awarded a contract worth around $77 million by Brazilian shipyard Estaleiro Promar S.A., in which STX Norway Offshore AS has a 50.5 percent holding.

The contract covers the ship design of the eight LPG carriers that will be built for Transpetro at Promar's new greenfield yard (see earlier story) along with the supply of the vessels' cargo handling systems. Delivery of the equipment is scheduled from mid-2012 to mid-2015.

Six of the ships are fully pressurized LPG carriers (four of 7,000 cu.m cargo capacity and two of 4.000 cu.m capacity) while the other two are semi-refrigerated units of 12,000 cu.m capacity each.

The contract was secured by Hamworthy's gas systems division, which will supply the LPG cargo handling systems. Full ship design is being undertaken by Hamworthy Baltic Design Center, Hamworthy's specialist ship design arm, located in Poland. The Group will also supply deepwell pump cargo pumping systems from its Danish subsidiary Hamworthy Svanehøj A/S.

Tore Lunde, Hamworthy Gas Systems' Managing Director, said, "We are delighted to be awarded this significant contract in the small LPG carrier market. Our specialist ship design arm, Hamworthy Baltic Design has enabled us to increase our scope of supply significantly. Not only are we providing the liquefaction technology and cargo pumps, on this contract we are providing the ship and tank design, as well as the tanks themselves."

Hamworthy acquired a majority stake in the naval architecture consultancy Baltic Design Center in November 2008. It says that the acquisition has both increased the cost competitiveness of its gas systems business and augmented the Group's wider design capabilities, giving better insights into customers' operational requirements.


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