Hallin Marine - HMS, A more defensive oil market play? Options

[sailing john]

Nice interims from Hallin and some large contract wins recently plus increasing focus on manufacturing as well as service contracts. Increased my holding this morning at 93

o Revenue for the six month period US$27.7 million, an increase of 112% on
same period last year

o Profits from operations for the six month period US$4.6 million, greater
than for the whole of 2006

o Forward order book more than US$40 million

John

[Napoleon 14th]

Nice share , going on my monitor 'cos after a 50% rise in a month , it's bound to take a breather...

Check out the peaking MACD , downturn on RSI & low volume...

[sailing john]

For info
Edison investment research report available from

http://miranda.hemscott.com/ir/hms/pdf/hal...0907outlook.pdf

Happy reading!

John

[sailing john]

Hallin's New Manufacturing Subsidiary Wins Further Third-Party Contract in
US $3.5 Million Deal

The strategy of providing manufacturing as well as services appears to be progressing nicely

John

This post has been edited by sailing john: Oct 10 2007, 08:46

[taylor20]

Still holding most of mine, update from JM Finn:

http://www.redtom.co.uk/research/morning_m...note_101007.pdf

[sailing john]

Another nice anouncement (23 Oct) but this does not appear to have moved share price
John


23 October 2007

Hallin Marine, the AIM quoted provider of subsea solutions to the oil and
gas industry, announces it is expanding the number and the scope of its
fleet of Remote Operated Vehicles (ROVs) with an order for seven new
vehicles.

Hallin Marine (UK) Ltd has placed the US$5.4 million order to extend its
subsea inspection capabilities. All seven of the ROVS are designed to
operate in the Inspection, Repair and Maintenance (IRM) market.

The new vehicles will complement the Company's existing six ROVs, which are
"construction" or "workclass" machines - physically larger, hydraulically
operated and more heavy duty than electric inspection ROVs and designed for
subsea construction, rather than observation.

The new machines are scheduled for delivery during the first quarter of 2008
and consist of three different models from the Saab Seaeye Marine range:

· 3 containerised Seaeye falcon systems, 350m depth rated
· 2 containerised Crane based LARS Seaeye Lynx systems,1000m depth rated
· 2 containerised A frame based LARS Seaeye Lynx systems 1600m depth rated

Saab Seaeye Marine will be supplying the ROVs, Hydromec in Great Yarmouth
the launch and recovery systems, while Hallin Group company Hallin Marine
Engineering Pte Ltd is building the containerised control desks in
Singapore.

Mike Arnold, MD of Hallin Marine (UK) Ltd, said: "During the last year we
have successfully established our presence as an ROV operator in the oil and
gas subsea industry with our construction and workclass vessels.

"Our clients now want us to help with their subsea inspection requirements
and we have placed orders for excellent, cutting edge vehicles that will
ensure we are equipped to handle a variety of IRM work scopes.

"We are confident that, like our other ROVs, these new inspection vessels
will go straight to work when they arrive. These additions will increase our
flexibility and give our clients a wider choice of services from an
independent supplier."

[eyecatcher]

With so many changes to the business, change in make up of ROVs, purchase and sale of first vessel and order of a second, new contracts etc, the accounts will take quite some fathoming. But that this is a major growth story and with $95 oil, little doubt they are doing incredibly well.

Worth accumulating imho.

[sailing john]

Eyecatcher - accidental pun?
Nice one!!!!
SJ

[eyecatcher]

Too clever by half SJ Nice one!

I 'fathomed' it - eventually!

Let's hope the accounts don't report too many "depth charges"

[taylor20]

Ref the recent contract award:

http://www.redtom.co.uk/research/Hallin_Marine__211107.pdf

Nothing new.

[eyecatcher]

I wondered, remember them saying a contract might get extended, presumably that is what this is.

Good spot Taylor.

[taylor20]

Hi EC, not sure if its an extension or not. What I meant was that the broker note doesn't add anything we don't already know. I'm a bit pushed for time at the moment, so my posts can be a bit terse!

Sorry for any confusion

[taylor20]

Interview with John Giddens (ex Navy, so can be forgiven for the moustache), wonder if the epic is a coincidence!

http://www.plcdigital.co.uk/Hallin-Marine-Plc_4067.aspx

[sailing john]

Hallin Launches its Own Remote Operated Vehicle

Extracts from full announcement

I like this bit
The Company has an immediate in-house operational requirement for all
initial production units, in line with existing demand for its ROV services.
In the future the Company may consider building C-ROVs for other subsea
operators.

And this
Hallin has expanded the size of its Singapore manufacturing facility by 50
per cent to cope with the sustained high level of demand for its existing
saturation diving systems and the C-ROVs. To facilitate this expansion, the
Company has signed a lease on a factory unit adjacent to its existing
building at the Loyang Offshore Supply Centre

[eyecatcher]

Results due next month. so an interesting move through 100p this morning.

[sailing john]

Very little volume and no new news that I can see but suddenly up 11%. Perhaps there will be some new! news later this week or next? Not complaining as I hold quite a few for the long term.

SJ

[sailing john]

Away last Friday and so I missed this announcement.
Not surprised though!!!


HALLIN WINS ITS LARGEST CONTRACT TO DATE
US$40M DIVING SUPPORT VESSEL AND EQUIPMENT DEAL

29 February 2008

Hallin Marine, the AIM quoted provider of subsea solutions to the oil and
gas industry, announces it has signed a US$40 million contract to provide
a vessel and saturation diving system.

The contract is Hallin's largest to date and runs for the next two years
with a subsidiary of Singapore quoted Swiber Holdings Ltd ("Swiber").

[sailing john]

And here are the results - even better than I expected

John

Preliminary Results for the year ended 31 December 2007

Date: 11 March 2008

Hallin Marine, the provider of subsea solutions to the oil and gas industry,
announces record preliminary results in respect of the year ended 31 December
2007.

Hallin has strong market positions in South East Asia, China, the UK, the Gulf
of Mexico and India. Typically the projects undertaken comprise the surveying,
maintaining, repairing or installing of subsea equipment for the oil and gas
industry.

Highlights
· Turnover increased 67% to US$64.8m
· EBITDA increased 171.0% to US$14.8m
· Net Profit after tax increased 157.7% to US$10m
· Earnings per share increased 138.3% to 25.09 cents
· Dividend maintained at 1p per share
· Major increase in operating assets


Tony Ebel, Chairman of Hallin Marine, said: "With a highly successful 2007 now
behind us Hallin is looking forward with confidence and optimism to 2008 and
beyond. The strength of the subsea oil & gas market around the world will
provide exciting opportunities for Hallin and the new operating assets we have
coming into service over the next three years."

[sailing john]

Link to Edison Ivestment Review - 12 March 08

John

http://miranda.hemscott.com/ir/hms/pdf/hal...20308review.pdf

[sailing john]

Hallin has had some discussion on DTT today so I thought it would be helpful to update thread with recent news

19th March
HALLIN OPENS AUSTRALIAN OFFICE WITH FIRST CONTRACT WIN US$4.6m AND CHARTERS NEW VESSEL

17 April 2008
Hallin Marine, announces it has been awarded a US$4.5 million contact by
specialist floating production systems company Modec Inc.

Not an expert but I think Modec could be a valuable customer.

Share price up nearly 50% in two months and probably at fair value for now.
Long term holders like myself will not mind drifting for a few months until the next bit of news.

SJ

[sailing john]

7 May 2008

At the Annual General meeting (`AGM') of the Company held at 11am today all
resolutions were duly passed.

At the AGM the Company announced that trading in the first quarter continued to
be very encouraging.

Up 10% today - presumably following positive AGM statemet (Plus oil >$120 of course)

This post has been edited by sailing john: May 8 2008, 15:30

[sailing john]

Thread update

Several director buys during June/July around 150/160p

................................................................................
....
Trading Statement
07 August 2008

Hallin is pleased to announce that trading in the first half of 2008 has been
buoyant. The interim results for the period ended 30 June 2008 will be announced
on Tuesday 16 September 2008 and the Company expects the results to exceed
market expectations.
................................................................................
......
Hallin Acquires Prospect Flow Solutions Ltd, Adding Subsea Engineering
Design Capability to Group

29 August 2008
Hallin Marine, the AIM quoted provider of subsea solutions to the oil and
gas industry, announces that it has acquired the entire issued, and to be
issued share capital of Prospect Flow Solutions Ltd ("Prospect").

Prospect is an engineering consultancy service company to the energy sector,
with a strong track record in analysis and design for subsea, offshore and
onshore projects.

Prospect was formed in 1999 and employs some 40 people, based in offices in
Aberdeen, Derby, Stavanger and Houston. It is established as a leading
engineering solutions provider to the oil, gas and renewable energy sectors
and is a specialist in computer-aided engineering.

The acquisition of Prospect gives Hallin a growing and successful subsea
engineering consultancy business. It will give the Company exposure to
projects at the early stage of development and, in the future, will enable
Hallin to offer its clients total solution packages. Prospect will benefit
from being part of a well managed and financed group and the access to
Hallin's clients, especially in the Asia Pacific region, where it is not
currently represented.

The acquisition of Prospect is for an initial consideration of £3million,
consisting of £1.5million in cash, financed from existing cash balances, and
Hallin shares to the value of £1.5million, being 887,574 ordinary 1p shares
in the Company (`Consideration Shares'), issued at a price of 169 pence per
ordinary share.

Additional consideration of up to £1,650,000 will be payable based on
material growth in the financial performance of Prospect over the period to
31 December 2010.

[sailing john]

US $15 MILLION EXPANSION TO HALLIN'S ROV FLEET

5 September 2008

Hallin Marine, the AIM quoted provider of subsea solutions to the oil and
gas industry, announces it is continuing to grow its fleet of remote
operated vehicles (ROVs) with a commitment to invest US $15.3 million in a
total of seven new work class machines, manufacturing four of the vehicles
itself and purchasing the three remaining ROVs externally.

The expansion follows the success of the Company's existing fleet of eight
work class and seven inspection class ROVs - every vehicle the Company has
manufactured or purchased has immediately been deployed on profitable
projects.
The Company's first in-house designed and manufactured vehicle, the C-ROV1
(pronounced Sea Rov 1), has now successfully completed more than 100
operational dives while working off of Vietnam and C-ROV2 has been
successfully deployed on a Hallin project immediately following the
completion of its post-build testing in Singapore.

Hallin's manufacturing division will now complete the build of C-ROVs 3 & 4
for the Company's operational divisions. The board has agreed to the
subsequent build of C-ROVs 5 & 6, also for Hallin's own operation.
Additionally the East Division has placed an order for a Saab Seaeye Panther
XT ROV.

The West Division will also place an order, for which the Company has
entered a letter of intent, for two Quasar 125 HP 3,000 metre ROVs from the
Tyne & Wear based manufacturer SMD Hydrovision.

The funding for the ROVs will be met by a combination of Hallin's internal
resources and bank borrowing that has already been fully secured.

John Giddens, Hallin's CEO, said:
'This is a major commitment by Hallin to ensure we have the necessary assets
in place in a timely manner to meet the existing and planned requirements of
the company. We currently have the furthest ever visibility of our forward
order book and will require this level of ROVs to ensure we can meet client
demand.'

[sailing john]

Hallin Marine Sells Saturation Diving System in US$7.5 million Deal

9 September 2008

Hallin Marine, the AIM quoted provider of subsea solutions and manufacturer
to the oil and gas industry, announces the completion of the sale of one of
its existing saturation diving systems for US$7.5 million net to a US based
company.

The saturation diving system, Sat 05, was built in 2005 and is sold with an
associated air diving spread. It is a 12-man system complete with three man
bell and Hallin has taken opportunity to sell the system immediately on
completion of the existing project on which it is deployed.

A saturation diving system sale was planned for 2008 and the replacement,
Sat 09, is already under construction at the Company's manufacturing
facility in Singapore and is due for completion during the first quarter of
2009.

[sailing john]

HALF YEARLY REPORT FOR THE SIX MONTHS ENDED 30TH JUNE 2008
16 September 2008

Highlights

· Revenue US$59.6 million, 115% growth on the same period in 2007 - second
year in succession the interim revenues have more than doubled the previous
year's interims

· Net profit from operations US$11.2m - 300% increase on same period last
year

· Gross margins increased to 31.8%, from 21.2% at mid-year 2007

· Forward order book, at US$84m, is more than double this time last year

· Hallin board is `confident about the remainder of 2008'

Cash $12m with some "real assets" to secure long term debt.

Edit Diluted EPS- 26.46c (14.7p for 6 months) Current price 167p PE !!

This post has been edited by sailing john: Sep 16 2008, 09:19

[sailing john]

16 September 2008

Hallin Marine, the AIM quoted provider of subsea solutions to the oil and
gas industry, announces it has been awarded a US$10 million contract to
supply saturation diving support for the Pipeline Replacement Project
offshore Mumbai, India.

Hallin will provide two of its saturation diving systems and diving
personnel for subsea construction work activities, deploying its equipment,
consumables and skilled diving personnel on board client designated vessels
for the Pipelines Replacement Project (PRP2).

PRP2 is being undertaken for the Oil and Natural Gas Corporation Ltd (ONGC),
Asia`s largest oil and gas exploration and production company, by
construction giant Leighton in a US$720 million contract. It covers the
supply and installation of 208.8 km of rigid and flexible oil and gas
pipelines and associated topsides facilities in 39 segments over 3
seasons/years some 160km offshore Mumbai.
Leighton has awarded the first year saturation diving contract to Hallin and
work is scheduled to commence during October this year and run through to
April 2009.

Jon Attenburrow, Hallin's East Operating Division's MD, said:

"We are pleased to be working with Leighton on this prestigious project. The
scope and nature of the work involved ideally suits our assets, expertise
and diving personnel and we look forward to a successful project."

[sailing john]

Link to JM Finn update following interims
Worth a read
http://www.redtom.co.uk/2008/09/hallin-mar...im-results.html

[sailing john]

Marco Polo Marine, an integrated shipping group, has secured a $74.5 million contract to build a dynamically position subsea operations vessel for Hallin Marine Subsea International.


The deal includes a $20 million procurement of a saturation diving system and crane from Hallin Marine, a provider of subsea solutions to the oil and gas industry.

The vessel, to be named 'The Coniston', will be able to operate in deepwater and accomodate up to 120 people. It is scheduled for delivery in the fourth quarter of 2010.

[sailing john]

Hallin confirm Marco Polo news
Edited release below

HALLIN COMMISSIONS THIRD SUBSEA OPERATIONS VESSEL

10 October 2008

The order for the vessel has been placed with experienced shipbuilders Bina
Marine Pte Ltd (Bina Marine) and delivery is scheduled for the fourth quarter of
2010. Hallin will source both the saturation diving system and the crane for
installation in the Coniston. The anticipated total cost of the finished vessel
to the Company will be US$51.4 million.

The purchase of the Coniston continues Hallin's stated three prong vessel
strategy of operating a mix of: owned; long-term charter; and short-term charter
vessels. This strategy is designed to ensure the availability of competitively
priced vessels - key to the Company's continued growth - and ensure flexibility
within its operating fleet to meet changing market conditions.

The Coniston will be 80% financed by debt with the remainder coming from the
Company's cash reserves. The debt is in the form of a construction loan, where
competitive terms have been agreed. The loan will support the construction phase
of the project and will, on delivery of the vessel to Hallin, be converted into
a ten year term loan.

Bina Marine is a subsidiary of Marco Polo Pte Ltd, the Singapore quoted ship
builders and operators.

I spoke to Hallin this morning re a few issues
The Hallin quoted cost of $51.4m excludes crane and diving systems - supplied by Hallin
The 80% loan relates to the full project cost including crane and diving systems.
DYOR etc.

[sailing john]

Chairman has a little nibble 15k at 127.5 today - would be nice to see a lot more