Muehlhan AG

Regulatory Filings • Oct 2, 2009

News Details

Corporate | 2 October 2009 08:04

Muehlhan AG: New contracts for specialty shipbuilding

Muehlhan AG / Development of Sales/Contract

02.10.2009

Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.

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PRESS RELEASE

Muehlhan receives new orders for specialty shipbuilding

* USD 10 million order for new American customer
* Helicopter carrier and cruise ships in France and Germany
* ThyssenKrupp exits commercial shipbuilding

Hamburg, 2 October 2009 - The Muehlhan Group (Entry Standard; ISIN
DE000A0KD0F7) has landed new orders in both the USA and Europe, despite the
difficulties in the shipbuilding industry.
Muehlhan will soon begin work on a surface-protection project involving
four specialty tankers for a new client in Philadelphia. The work on these
180-meter-long ships is to be completed by 2011. The order is for
approximately USD 9.9 million.
In addition, Muehlhan has been awarded a contract for work on the
construction of a helicopter carrier for the French navy. The EUR 3.2
million order calls for Muehlhan to coat the interior and the tanks of the
200-meter-long ship under construction in St. Nazaire, on France's Atlantic
coast.
There is also good news from Germany, where Muehlhan has booked orders for
an additional three cruise ships and a large yacht, for a total of EUR 13.5
million.

Muehlhan's new orders confirm the course correction underway throughout the
entire shipbuilding industry in Western Europe. The downturn in global
trade and the resulting sharp decline in demand for cargo ships have forced
the industry to concentrate on specialty ships, including cruise ships and
naval vessels. In general, it is expected that commercial shipbuilding will
be shifted permanently to Asia, on account of the subsidies and cost
advantages available there.
This explains ThyssenKrupp's decision, announced this week, to shut down
its commercial shipbuilding unit in Emden - a location that Muehlhan until
now has regarded as one of its traditional ship newbuilding sites. In the
future, only naval vessels will be built there. The rest of the segment
will be sold to a company that manufactures offshore wind turbines.
Muehlhan has also operated in this industry for many years and has built
its Danish site into the global provider of surface protection services for
wind-turbine towers. In addition, in Germany, Muehlhan has coated support
structures for Alpha Ventus, the first German offshore wind farm.
Indeed, with a total of 40 wind farms planned, the offshore segment along
the north German coast promises significant growth potential. Despite these
good opportunities, Muehlhan expects this only partially to compensate for
the decline in ship newbuilding.

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(R) 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. For 2008 the company with its
more than 2,000 employees around the world generated sales revenue of more
than EUR 206 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

02.10.2009 Financial News transmitted by DGAP

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Language: English
Company: 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, München, Hamburg, Stuttgart; Entry
Standard in Frankfurt

End of News DGAP News-Service

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