Corporate | 2 May 2007 07:53
Muehlhan AG / Contract
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PRESS RELEASE
Muehlhan awarded major offshore contract:
Huge step in North Sea business
Hamburg, 2 May 2007. The Muehlhan Group, which specializes in surface
protection for ships and offshore platforms, bridges and industrial plants,
has signed a major contract worth approximately EUR 6.5 million. The
company, which is listed in the Entry Standard of Frankfurt Stock Exchange
(ISIN: DE000A0KD0F7) has been commissioned to renovate three offshore
platforms in the North Sea. Blasting and recoating work on the huge steel
constructions, which are exposed to the harshest of conditions with rough
weather and seawater, will start beginning of May 2007. Dr. Andreas Krüger,
Executive Board Chairman at Muehlhan AG, describes the signing of the
contract as 'a milestone for our market entry into the British part of the
North Sea. It is a huge step in the strategic expansion of our offshore
business, and one that we have carefully prepared ourselves for.' After a
successful start of the project, additional future contracts will expand
this business field significantly as well as profitably in the northern
part of the North Sea.
Oil and gas platforms are repaired and maintained during ongoing
operations. In the beginning, traditional surface preparation methods will
be used. During a later project phase, also the µ-jet technology will be
utilized. This blasting technology is developed by Muehlhan and offers
great advantage in this respect, as it enables high productivity without
requiring much space. The Hamburg-based company already works on platforms
in the German and Dutch parts of the North Sea and in the Gulf of Mexico.
It also offers the initial application and renewal of surface protection
for offshore rigs in eight different countries. By established units in the
Middle East, in Singapur and China, Muehlhan hopes to step up business in
the near future by offering the same service in the Persian Gulf and the
China Sea, too. 'Due to the great demand for energy worldwide, more and
more oil and gas deposits are being tapped that can only be reached with
offshore platforms,' says Krüger. 'These new platforms need excellent
surface protection. But such protection can also significantly extend the
lifetime of older platforms. There is huge potential for us to grow here in
the next few years, as rising oil prices mean that extending a platform’s
lifetime is increasingly worthwhile.'
The first contract in the British part of the North Sea proves the Company
to be right regarding their business focus on the worldwide offshore
market. Muehlhan expects this breakthrough to lead to increased pace of
business development in other regions and a systematic expansion of the
offshore business unit.
About Muehlhan:
The Muehlhan Group is a leading world provider of marine surface
protection. Its core business consists of applying and renewing corrosion
protection coatings to steel structures. They include steel surfaces of
ships and of oil and gas rigs and platforms. The Muehlhan Group is also
active in the Industry Services segment, which includes surface protection
for wind turbines, chemical production plants and fuel storage depots,
steel bridges, cranes and machinery. The company’s patented technology
brand-named μ-jet guarantees especially high quality and efficiency in
the removal of old coatings and rust, particularly in the open sea.
Muehlhan was established in Hamburg in 1881 and today employs some 2,300
people in 31 subsidiaries around the world. In 2006 the company generated
revenues of EUR 183 million. For further information visit www.muehlhan.com
Ties Kaiser
Muehlhan AG
Tel: +49-40-75271-156
E-mail: kaiser@muehlhan.com
DGAP 02.05.2007
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Language: English
Issuer: Muehlhan AG
Schlinckstrasse 3
21107 Hamburg Deutschland
Phone: +49 40 75271 0
Fax: +49 40 75271 130
E-mail: investorrelations@muehlhan.com
www: www.muehlhan.com
ISIN: DE000A0KD0F7
WKN: A0KD0F
Indices:
Listed: Freiverkehr in Berlin-Bremen, Hamburg, München, Stuttgart;
Entry Standard in Frankfurt
End of News DGAP News-Service
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