Corporate | 9 February 2009 08:55
Muehlhan AG / Contract/Development of Sales
Release of a Corporate News, transmitted by DGAP - a company of EquityStory
AG.
The issuer / publisher is solely responsible for the content of this announcement.
----------------------------------------------------------------------
Muehlhan’s Asian business is off to a good start this year
• Additional Ship Newbuilding order in China
• Significant recovery for Ship Repair business in Singapore
Hamburg, 09 February 2009 – The Muehlhan Group (Entry Standard; ISIN
DE000A0KD0F7) started fiscal year 2009 with positive prospects in Asia,
despite the financial crisis and the economic slowdown.
For the first time, Muehlhan China has now concluded a New Shipbuilding
tank-coating contract of approximately 78,000 m² on a supertanker at the
Hudong shipyard near Shanghai. This is the first in a series of eight
ships. Upon successful completion of the project, Muehlhan is confident
that it will also win the follow-up orders.
Muehlhan is currently demonstrating its ability to successfully deliver on
such a series production job at a different shipyard in the greater
Shanghai area. A total of almost 80,000 m2 of steel cargo tank surfaces of
a tanker were recently blasted and cleaned in 25 days at the Waigaoqiao
shipyard. As a result, contracts on five additional ships were awarded to
Muehlhan China.
As both shipyards belong to state-owned companies, they have not been
affected by the collapse in orders at Chinese shipyards. At the present
time, many of the privately financed shipyards, some of which only began
operations a few months ago or were still under construction, have become
insolvent as a result of this collapse.
Meanwhile, the Ship Repair business in Singapore is also reporting a very
positive outlook. After experiencing capacity underutilisation until
mid-2008 due to what at the time were historically high freight rates, the
order situation has now returned to normal. In this regard, Dr Andreas
Krüger, the Chairman of the Executive Board, noted: 'We are now seeing a
catch-up effect, but because of the uncertain economic situation, it is
weaker than the impact of comparable freight-rate trends in the past.
Nevertheless, we expect to see a good level of utilisation in the coming
months, as well. As soon as we reach the bottom of the economic trough,
shipping companies will also begin future-oriented maintenance work so that
they will be ready for the market recovery.'
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, besides scaffolding for
marine and industry customers, 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 employs some 2,500
employees around the world. For 2008 the company expects revenue of EUR 200
million (IFRS). For further information visit www.muehlhan.com.
Press contact: Ties Kaiser c/o Muehlhan AG, Phone +49 40 752 71 156, email:
kaiser@muehlhan.com
09.02.2009 Financial News transmitted by DGAP
----------------------------------------------------------------------
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
Internet: www.muehlhan.com
ISIN: DE000A0KD0F7
WKN: A0KD0F
Listed: Freiverkehr in Berlin, Hamburg, München, Stuttgart; Entry
Standard in Frankfurt
End of News DGAP News-Service
---------------------------------------------------------------------------