Hallin Marine

Hallin Marine, the provider of subsea solutions to the oil and gas industry, announces resilient interim results in respect of the first six months of 2009.

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

Highlights

• Increased revenues to US$60.27m (H1 2008: US$59.58m)
• Gross margin of 29.1% (H1 2008: 31.8%)
• Profit before tax of US$10.1m, despite a non-recurring write-off of US$448,000 (H1 2008: US$13.8m) 
• Strong cash position of US$18.6m at 30 June 2009 (US$23.0m at 31 December 2008)
• Gearing reduced to 26.4% as at 30 June 2009 (31 December 2008: 30.8%)
• Strong forward order book US$55.3 million (US$53 at March 2009)
• Creation of Prospect Asia subsidiary and closure of Norway office to focus on profitable operations  of the Prospect engineering division
• Strong performance of the Ullswater Subsea Operations Vessel, with 88% utilization
• Construction of the Windermere on track for Q2 2010
• Hallin board ‘remains confident in the outlook of the business’

Tony Ebel, Chairman of Hallin Marine, said:
‘We are pleased to report that, despite the challenging economic climate, the Group has achieved first half revenues in line with the corresponding period last year, when the market was especially buoyant.

‘Overall, we remain confident in the outlook for the business and the current climate contains as many opportunities as challenges.’

To see the full joint Chairman’s and Chief Executive’s report and the Company’s full interim unaudited financial statement, please click on the following link: Hallin Interim Report 2009 to download the report.

You can also View an interactive flipping book of the Interim report 2009.