Hamworthy acquires Business Unit Technology & Products from Aibel

London/Oslo, 08 July 2009

Hamworthy PLC has signed an agreement to acquire Business Unit Technology & Products from Aibel. The cash consideration for the acquisition will be 37 MNOK payable upon completion with an additional amount of up to 28 MNOK payable upon achievement of certain performance criteria over the next two years.

The Technology & Products business provides leading separation technologies to enhance separation of oil and water for customers experiencing challenges such as increased water production from maturing fields, heavy oils and emulsion as well as gas technologies to reduce emissions to air by providing solutions for customers in order to achieve zero flaring objectives and reduced emissions of hydrocarbons and CO2. The primary products are related to vessel internal electrostatic coalescers, hydrocarbon blanketing systems on FPSOs, flare gas ignition systems and flare gas recovery systems.

Completion of the deal is expected to take place during third quarter of 2009 following approvals by the Norwegian competition authorities.

For more information, contact:

Aibel Group Limited
Idar Eikrem
President & CEO
Mob: +47 91 14 13 80
E-mail: idar.eikrem@aibel.com

Aibel Technology & Produkts
Trond Bynes
Senior Vice President Technology & Products
Tel: +47 61 13 96 73
Mob: +47 918 14 806
E-mail: trond.bynes@aibeltechnology.com

About Aibel
Aibel AS (www.aibel.com) is one of the largest Norwegian oil service companies that engineers, builds, maintains and modifies oil and gas production facilities. With our long experience, skills and expertise, we help our customers to achieve increased oil and gas production.

With our 4000 employees, we work at new and existing fields and production facilities, offshore and land-based, on fixed and floating installations. We are located close to our customers and operate from the most important oil  and gas centres in Norway. Aibel is committed to creating value for its customers and to being a progressive and interesting workplace for all of our employees.

About Hamworthy
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.

Published 2009-07-08, 08:00 CET Updated 2014-01-22, 03:33 CET

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