Company Profile For Wellstream Holdings PLC

Wellstream Holdings PLC (Wellstream) is engaged in the design and manufacture of bespoke pipeline products and systems for the oil and gas industry. The Company operates in two segments: Offshore and Onshore. Offshore is engaged in the design, production and installation of unbonded pipelines for use in the offshore oil and gas industry. The Company manufactures flexible pipeline products, which are used in many offshore field developments, but particularly where floating production vessels are involved. Wellstream’s flexible pipe systems are designed to transport all hydrocarbon products, including oil and gas together with injection fluids to and from the production vessel on the surface and the wellhead on the seabed. Wellstream also manufactures flexible pipes for the onshore and shallow water industry under the brand FlexSteel. This includes oil and gas gathering lines, injection lines, water and fluid transfer lines and pipe rehabilitation applications.

BRIEF: For the six months ended 30 June 2009, Wellstream Holdings PLC's revenue increased 11% to £202.7M. Net income decreased 39% to £16.8M. Revenues reflect an increased income from offshore and Onshore business divisions. Lower income reflects higher cost of sales, lower gross profit, an significant increase in administrative expenses, lower operating income and the presence of losses on foreign exchange vs. an gain.