Hamworthy announces intention to float on AIM

Hamworthy KSE Group Limited, shortly to be renamed Hamworthy plc (“Hamworthy” or “the Group”), a world leader in the design and manufacture of innovative marine and offshore fluid handling systems focused on gas handling, pumping and wastewater management, intends to seek admission of its shares to trading on the Alternative Investment Market (AIM) of London Stock Exchange. Dealings are expected to commence on AIM in July 2004.

Headquartered in Poole, Dorset and with worldwide development and production facilities, Hamworthy has a portfolio of technologically advanced customised products and solutions. Its brands and reputation reflect the quality, innovation and worldwide after-sales service provided by the Group. Founded in 1911, Hamworthy serves international markets, with shipyards, ship owners and oil and gas companies as its customers. Hamworthy has created a strong market position through developing leading edge technologies to serve emerging market niches which offer strong growth potential based on the growing demand for oil and gas transportation and production coupled with ever increasing environmental and safety regulation. A global network of sales and service companies ensures the Group can sell effectively into all major international marine markets and provide first class spares and service support to its customers wherever they are.

The marine and offshore oil and gas technology solutions market is growing strongly. Positive factors include existing and proposed safety and environmental legislation, growing demand for both oil and gas transportation, a growing cruise tourism market and an increasing trend to utilise floating storage and offloading vessels for offshore oil and gas exploitation. Hamworthy, a world leader in five of its nine product offerings, is well placed to capitalise on the expected growth in the marketplace as well as to exploit new niches with innovative technology.

Hamworthy has design, development and production facilities in the UK, Norway, Denmark and Singapore, and a modern and efficient assembly plant in China, together employing approximately 640 people worldwide. Its business activities are currently organised into three main operating divisions: Pump Systems, Gas Systems and Wastewater Management Systems.

Commenting on the decision to float on AIM, Kelvyn Derrick, Chief Executive of Hamworthy plc, said: “This is an extremely exciting opportunity for the Group. Having established our position as world leaders in the design and manufacture of marine fluid handling systems and equipment, we feel this decision will help us to take Hamworthy forward into the next phase of its development and capitalise on the fantastic market opportunities that are out there. As well as continued organic growth, we can seize the opportunity to consolidate what is still a fragmented industry through acquisition.”