14th Sep 2012 13:01
HMS Hydraulic Machines & Systems Group plc
(the "Company", and together with its subsidiaries, the "HMS Group")
HMS GROUP LAUNCHES REPRESENTATIVE OFFICE IN DUBAI ON THE BACK OF A CONTRACT SIGNED WITH BP
Moscow, Russia - September 14, 2012 - HMS Group (LSE: HMSG), the leading Russian pump manufacturer and provider of flow control solutions and related services in Russia and the CIS, announces that it has launched the representative office in Dubai, United Arab Emirates.
«The opening of the office in Dubai is in line with HMS international expansion strategy. The Group's overseas infrastructure development has commenced in 1998, given our large installed base, particularly in the oil and gas industry of the Middle East region. In the first place, we opened a branch in Iraq focusing on servicing customers which implemented projects in the MENA region. Then we launched offices in the Central Asia which allowed us to take leading positions in the CIS market. Now we're gaining steam and trying to replicate our success into the other target overseas markets» - commented Artem Molchanov, CEO of HMS Group.
In 2011, a new office in Milan was opened to establish HMS presence in the European markets. As a result, HMS launched representative offices covering the most of the target overseas markets - Iraq, Middle East and Northern Africa (MENA) region and Central Asia.
In Central Asia, HMS has already achieved prominent business results, having signed a set of contracts for water pumping stations construction and renovation in recent years, both in Turkmenistan and Uzbekistan, while preparation works for the similar contracts are underway.
Apart from that, HMS currently conducts preparation works for oil projects in Iraq. Previously, HMS successfully conducted inspection and testing of the Qarmat Ali Water Treatment Plant with pump stations for water injection, located in Rumaila oilfield operated by BP. After winning competitive tender, HMS has recently signed a new contract with BP worth US 6mn, for refurbishment of pumps and ancillary equipment. Under the contract HMS will supply the new equipment and provide engineering services for installation and commissioning of the newly supplied and existing equipment. The contract is considered as an important step for international business development and expanding cooperation with international top-tier customers. Given the large installed base in Iraq, HMS is poised to become a supplier for the next stages of the project development and consider the contract with BP as a significant move in this direction.
HMS Group is the leading pump manufacturer and provider of flow control solutions and related services to the oil and gas, nuclear and thermal power generation and water utilities sectors in Russia and the CIS. The HMS Group's products are mission-critical elements of projects across a diverse range of industries. It has participated in a number of large-scale infrastructure projects in Russia, including providing pumps and modular equipment to the Vankor oil field and pumping stations on recent trunk pipelines projects linking Russia's core oil producing areas to export ports on the Pacific Ocean and Baltic Sea. The Group reported revenues of RUB 7.3 billion, adjusted EBITDA of RUB 1.4 billion and profit of RUB 485 million for the 3 months ended March 31, 2012. The HMS Group's global depositary receipts ("GDRs") are listed under the symbol "HMSG" on the London Stock Exchange.
For further information, please contact:
Investor Relations: Sergey Klinkov, Head of Investor Relations
Phone: +7 (495) 730-6601 x 1302, [email protected]
Media Relations: Nozima Karimova, Head of Press Service
Phone: +7 (495) 730-6610, [email protected]
Disclaimer
The information contained herein has been prepared using information available to HMS Hydraulic Machines & Systems Group Plc ("HMS Group" or "HMS" or "Group" or "Company") at the time of preparation of the presentation. External or other factors may have impacted on the business of HMS Group and the content of this presentation, since its preparation. In addition all relevant information about HMS Group may not be included in this presentation. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or reliability of the information.
Any forward looking information herein has been prepared on the basis of a number of assumptions which may prove to be incorrect. Forward looking statements, by the nature, involve risk and uncertainty and HMS Group cautions that actual results may differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Report for a description of the major risk factors. This presentation should not be relied upon as a recommendation or forecast by HMS Group, which does not undertake an obligation to release any revision to these statements.
This presentation does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any shares in HMS Group, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision.
Copyright Business Wire 2012
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