Very soon Repoman - that means days. They're at the Offshore exhibition now!
BTW - there are supposed to be Asian deals already done, but not yet announced as well as what comes from the exhibition.
The reason for $2 in June is the appointment of Mr Kirk Baer - CFO in January, so company '...can report voluntarily, and give investors confidence...' The audit is bing done now to complete end May after which Mr Baer writes report. External audit firm will be retained after too - see RNS (Not many of those on the OTC).
Also parent company knows Patriot is worth $2. It raised stake from 71% to 83% at $2 price only last September 2005! They still own 83% so restricted to 17%.
This was before loads of Patriot deals - latest was for $12.4M with Keppel Fels in Asia in January.
Check the volume rise over last few days plus firm breakout looking imminent. Oil is about to go sky-high with driving season soon too.
One of the institutions (Shroders) who already owned 10.10% as of 4 weeks ago bought another 1% of the company!
Lots & lots of institutions with lots 'n lots of shares. They may well be accumulating for a mystery buyer to take out both GME & PMHH before it's $2 true value is realised...and GME's huge £50m potential sales ($90m) come to pass...This is a one way stock.
10 institutions do not buy 60% of a risky AIM stock on the basis of sales/profits or recovery alone. I'm expecyting the true story to unfold before the June results.
IP: Logged |
Keppel Fels have signed a deal with Transocean - very similar work to the $12.4m work given to PMHH in January. Wonder if they'll sub-con some of it PMHH's way again?
IP: Logged |
posted
Could you include a link to where you found that info? Thanks...
quote:Originally posted by The Owl: News on PMHH from the UK.
One of the institutions (Shroders) who already owned 10.10% as of 4 weeks ago bought another 1% of the company!
Lots & lots of institutions with lots 'n lots of shares. They may well be accumulating for a mystery buyer to take out both GME & PMHH before it's $2 true value is realised...and GME's huge £50m potential sales ($90m) come to pass...This is a one way stock.
10 institutions do not buy 60% of a risky AIM stock on the basis of sales/profits or recovery alone. I'm expecyting the true story to unfold before the June results.
-------------------- the market is not your mother
IP: Logged |
posted
fourseven - sure. I can do better than that!
Here's the link to all news for the Parent company, GME. This is why PMHH is so unknown as no obvious place to look for research.
However, PMH will be posting soon...incidentally this link will enable you to trade PMHH at the open from news already released earlier in the UK if you keep eyes open. I'm not sure the MM's notice sometimes
Get with it. This is just the start. This will run through to December interims and be $2 in June when CFO reports that's what it's worth.
IP: Logged |
posted
Repo, think you may well have timed it well.
Here's some more info based on deal Friday. People don't understand what this means yet.
Below is just my opinion, however I've emailed company to check and will keep you posted. If what I think is happening is reality, GME & PMH are about to go orbital.
---- NIM usually provide PMHH winches - they are part of same company.
If PMHH have signed an exclusive deal with EMCE/Stokvis http://www.emce.nl
they could sell off NIM winching, staff, offices and Newcastle yard at no risk to the Patriot business.
I don't know for sure if this is what is planned, however it looks extremely likely. NIM was one of the reasons GME could not give Patriot all the cash it wanted last year, and the reason for unexpected losses & failed turnover in 2004-2005 but both PMH & NIM are profitable from December 2005.
So, in a nutshell, this announcement a) gives expanding Patriot massive support for its winching needs on deals like th $12.4m Keppel b) Provides possibility of more capital flowing PMHH's way from savings on NIM c)should generate more big deals as NIM were/are just not big enough to supply on deals such as Keppel one.
...so PMHH could be good for Monday?? I'll be watching from mid-day, and could be diving in again now early profit takers are out.
IP: Logged |
posted
Oilfields firm set fair with £20m in orders By Mark Casci A Shipley oilfield services company which does business all over the world has announced nearly £20 million worth of orders this year.
Global Marine Energy has contracts worth £19.4 million on its order book for the next 12 months.
The firm has acquired £10 million worth of new business since November alone and expects to announce a series of contracts in the coming weeks.
The firm has its headquarters in Shipley, where most of the design and engineering planning is done. The manufacturing is then done at its bases in Houston, Texas; Brazil and Singapore.
Finance director Andrew Gibson said: "95 per cent of our design work is done in Shipley.
"The majority of our business is done in the offshore oil and gas industries.
"Some of our business also involves producing access equipment such as doors etc for nuclear submarines and the Ark Royal.
"We turned over £12 million last year and are hoping to turn over £20 million this year."
The current contracts that the firm is working on are based in Brazil and Malaysia.
The firm was founded in 1988 and now employs 250 worldwide, 45 of whom are based at its Shipley headquarters.
The company was listed on the Alternative Investment Market (AIM) in 2001 and was restructured into two separate divisions in 2003, following the appointment of new chairman Philip Wood.
Patriot provides handling equipment to the offshore oil and gas industries while NIM Engineering ltd provides marine access to the gas and oil industries.
The firm, based on Wharf Street, changed its name from MOS International last year.
The company made the announcement of its new business contracts following a downturn in profits last year.
The losses, caused by extensive restructuring at the company, were overcome in the final quarter of the year up to March 2006 as the firm looks towards a brighter financial year.
Mr Wood said: "The year to March 2006 has still been one of substantial growth and, most importantly, the company has returned to profit in the final quarter."
posted
Re Friday's EMCI deal, Patriot are getting loads of work, but so are NIM the other subsid.
This is their reply to me: -------- 'NIM are still a good product supplier in the market they operate. We are in a different, but sometimes crossover market for similar products.
I explained, NIM are tailor-made and EMCI are standard / much smaller winches.
EMCI do around 1500 winches per year for example.
We need a competent and short term supplier to meet the needs for our current drilling package quotations. NIM could do it, but they are fully loaded already. Therefore I took the decision to add a supplier to our capabilities
We do and will continue to promote the NIM range for the larger reelers etc.
EG< a number of companies approached me at OTC to gain quotations for the large reelers. The problem with the industry today, is they do not accept that in todays market deliveries are way out and therefore they cannot simply get quotes, and orders placed with deliveries for this year for example. -------------
Patriot is at a discount to GME its parent. Meanwhile UK GME trades on forward pe of only 4.6 against industry of c20. Altium capital raised GME target to 75p in January. GME cost only 24p!!! and PMHH only 37c!!!
Few know about this undervalued share - that will change when GME report their results in June and Mr Baer & auditors say value of PMHH should be nearer $2.
IP: Logged |
posted
Here is the start of your orders. 2nd biggest this year!! - more to come.
Patriot Mechanical Handling Announces $8.6 Million Marine Deck Crane Order From China National Petroleum Offshore Engineering Co, LTD Monday May 8, 11:11 am ET
Order Represents the Fifth Contract Signed With Chinese Energy Producers Over the Past 12 Months
HOUSTON, TX--(MARKET WIRE)--May 8, 2006 -- Patriot Mechanical Handling Inc. (Other OTC:PMHH.PK - News), a leading provider of mechanical handling solutions and services to the oil and gas industry, is pleased to announce that it has received an order valued at $8.6 million USD from China National Petroleum Offshore Engineering Co, LTD. The order is for 8 marine deck cranes, spare parts, training and commissioning of the equipment. Training will occur in the Patriot facilities in Houston, with the cranes being delivered to Xingang Seaport, China, upon completion. "We are making tremendous inroads in China, having secured multiple orders over the last 12 months, including this latest order for China National Petroleum Offshore Engineering," stated Paul Findlay, CEO of Patriot. "The growing demand for fossil fuels in China makes this country an important market for Patriot. We will continue to develop our relationships and expand our efforts not only in China but throughout the Far East."
About Patriot Mechanical Handling
Headquartered in Houston, Texas, USA, Patriot Mechanical Handling, Inc. (PMH) is a comprehensive engineering and product supplier for all mechanical handling solutions in the oil and gas industry. In addition to this, Patriot is a licensed representative for some of the finest & most well established brands in the lifting and mechanical handling business. Our success is based upon effectively meeting the customer's needs prior to, during and most importantly after the product has been delivered. Our personalized service is unrivaled. We frequently monitor the quality of our products to insure our customer's satisfaction, and offer equipment that is guaranteed safe for use and fit for purpose.
More information is available by contacting the company directly. Information is available on the web at: http://www.patriotmh.com.
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
posted
Plenty of volume, but the wrong way ...so far.
From a technical standpoint, they've timed the release badly. Thursday was 50c, & on way up. We'd be at 70c plus by now.
People will catch on soon enough.
Today was China. Lookout for Korea soon (see UK RNS)- they have a regional manager there since November, and Hyundai , Samsung & Daewoo heavy industries are 3 potential target clients.
One more $5m deal will take o/s orders to over $100m!!!! - and it's only May.
IP: Logged |
posted
Owl, please provide financial reports for Patriot. I find nothing and no hint of their financial condition, other than pr news about contracts.
GME is not doing very well. Nonetheless, GME is unrelated to Patriot. They hold a large interest but this does not provide information on the financial status of Patriot.
Patriot is landing a lot of orders but this does not mean Patriot is profitable.
Without financial reports for Patriot, readers can only guess and would be foolish to buy.
Your links do not work. One requires a logon, the other does not exist. Patriot homepage provides no financial data.
Here's the link. Key in GME for Patriot news as GNE is Patriot's parent so it's under there.
There were a huge 818,000 shares traded in GME!! Nearly all buys & lots of cross and broker to broker trades. This is the best GME volume this year!!! Last trade was 200,000 on level 2.
Patriot is now at a huge discount to it's parent, yet Patriot IS the reason why GME is doing so well now.
IP: Logged |
posted
Purl Gurl, I hope you can read because I am posting here everything you ask for. You might have to read a couple of paragraphs down if you want to see the info specific to Patriot.
By buying PMHH you are buying the US listing of a profitable (since Dec 2005) and regulated UK company!
HERE GOES (AGAIN!)
Global Marine Energy is a UK company. It has Two subsidiaries.
One is called Nim engineering The Other is Called Patriot Mechanical Handling
Blimey....
In answer to your specific questions (and I really don't know why I bother...lol)
1) I cannot give you financials on Patriot alone because they do not yet exist SEPARATELY.
They are being prepared. Patriot results are CONSOLIFDATED that means NIM and Patriot added together under the parent company.
I have attached the last set below...perhaps when you then compare them to the orders, you will see why I'm posting so much for you guys!!!
Here is a copy of the RNS on Patriot's website which explains!
Press Release
Patriot Mechanical Handling Appoints Mr. Kirk J Baer to Position of Chief Financial Officer Tuesday January 17, 9:51 am ET
HOUSTON, TX--(MARKET WIRE)--Jan 17, 2006 -- Patriot Mechanical Handling Inc. (Other OTC: PMHH.PK - News ), a leading provider of mechanical handling solutions and services to the oil and gas industry, is pleased to announce that it has appointed Mr. Kirk J Baer as the company's Chief Financial Officer. Baer's immediate responsibility is to prepare the company for an outside audit, in anticipation of retaining a firm to assist the company with meeting voluntary reporting requirements.
Paul Findlay, CEO of Patriot, commented, "We are glad to have Kirk on board to assist with getting our financials organized and prepared for an outside auditing firm. Patriot intends to have its financials audited and to voluntarily report, so as to provide our shareholders, vendors and customers a high level of confidence in our company and its future growth."
2) HERE ARE PMHH PLUS NIM ACCOUNTS - THEY ARE CONSOLIDATED UNDER A COMPANY CALLED GME BECAUSE THIS IS THE PARENT COMPANY.
Global Marine Energy PLC 28 December 2005
GLOBAL MARINE ENERGY
Interim Results For the Period ended 30th September 2005
Global Marine Energy ('GME'), the oilfield services company, today announces its Interim Results for the six months ended 30th September 2005.
Key highlights:
Continued progress made in restructuring business, rationalisation programme complete;
Steady increase in order levels experienced;
Sales team expansion into new territories proving successful;
Enquiry levels high, new customers won;
Gross Profit £1.52 million; overall loss including rationalisation costs £496,844; and
Current order book £11.3 million
Post Period events:
New Broker and Nomad appointed;
£4.75 million placing; and
New banking facilities now in place with RBS.
Philip Wood, Chairman, Global Marine Energy Plc commented:
'The results reflect the reorganisation costs and the restrictions we have been working under due to the cash constraints. Despite this we have attracted major new customers and continued to expand internationally.
The Company is now trading profitably and the monies from the Placing and the new bank facilities should allow us to accelerate our growth. GME is now properly funded and as a result the Board is confident that it can continue to grow turnover and to increase profitability.'
28th December 2004
For further enquiries contact:
Philip Wood, Chairman, Global Marine Energy plc 01274 531 862
Adam Westcott, Noble & Company Limited 0131 225 9677
Michael Padley / Susan Scott, Bankside Consultants 0207 367 8888
Chairman's Statement
The results for the half-year reflect the reorganisation costs and the difficulties that we have been operating under due to the continual lack of working capital. However, turnover did increase in the period. Order books continue to grow and tender enquiries to rise. Gross profit for the six months was £1.52 million (Year to March 2005 £1.42 million). Turnover increased 167% to £4.12 million.
The losses, for the period, whilst disappointing include the last of the rationalisation costs relating to the recent acquisitions. We have removed a further amount of fixed cost from the business and fully integrated the acquisitions into two divisions: Patriot and NIM. We are trading profitably but the benefit of the action we have taken and the re-financing carried out in November will not be fully reflected until the next financial year.
In the period we have won significant orders from China, Mexico, Brazil, Singapore and USA. We have also expanded our international presence by appointing an agent in Korea and a Sales Manager, based in Brazil, to build upon Patriot's success in South America and most recently one in Asia.
Underlying confidence is high, we are continuing to win new clients and to increase the order book which currently stands at £11.3 million.
Post Period Events
Although we have continued to win new orders the most important event was the re-financing of the business. In November we completed a very successful Placing which attracted a number of the UK's leading institutions and raised £4.7 million (before costs). I also converted my loan to the Company into shares. We have also finalised the new banking facilities with RBS in Leeds.
As a result we now feel that GME is properly financed for the first time in its history, and that we now have the funding to grow the business and to take advantage of the work carried out by the Board over the last 2 years.
Outlook
We have completed the rationalisation and integration of the businesses and we have expanded the marketing into new territories. As a result of these actions being taken the Company is now trading profitably and attracting new customers, worldwide. The Board is confident that it can continue to grow turnover and to increase profitability.
P Philip Wood Chairman 28th December 2005
GLOBAL MARINE ENERGY
CONSOLIDATED PROFIT AND LOSS ACCOUNT for the six months ended 30th September 2005 Unaudited Unaudited Audited six months six months year Ended Ended Ended 30 Sept 2005 30 Sept 2004 31 March 2005
CONSOLIDATED BALANCE SHEET as at 30th September 2005 Unaudited Unaudited Audited six months six months year Ended Ended Ended 30 Sept 30 Sept 31 March 2005 2004 2005
Fixed assets Intangible assets 504,608 20,457 534,608 Tangible Assets 205,792 91,757 169,671 ------- ------- ------- 710,400 112,214 704,279 Current assets Stocks 2,584,230 1,118,959 1,562,184 Debtors 2,245,140 840,608 1,718,976 Cash at bank and in hand 110,536 91,900 331,643 ------- ------- ------- 4,939,906 2,051,467 3,612,803 Creditors: Amounts falling due ------- ------- ------- within one year (4,376,357) (1,645,441) (3,654,098) ------- ------- -------
Net current assets/(liabilities) 563,549 406,026 ( 41,295) ------- ------- -------
Total assets less current liabilities 1,273,949 518,240 662,984 ------- ------- ------- Creditors: Amounts falling due after more than one year ( 459,399) ( 325,000) (325,000) ------- ------- -------
Net assets 814,550 193,240 337,984 ------- ------- ------- Capital and reserves Called up share capital 315,419 183,253 254,346 Shares to be issued 215,517 - 215,517 Share premium account 5,960,914 3,618,821 5,058,867 Merger reserve ( 99) ( 99) ( 99) Profit and loss account (5,688,886) (3,608,735) (5,192,042) ------- ------- ------- Equity shareholders' funds 802,865 193,240 336,589 ------- ------- -------
CONSOLIDATED CASH FLOW for the six months ended 30th September 2005 Unaudited Unaudited Audited six months six months year Ended Ended Ended 30 Sept 30 Sept 31 March 2005 2004 2005
Cash flow from operating activities (1,046,112) ( 807,706) (2,302,778)
Returns on investments and servicing of finance: Interest paid ( 74,173) ( 84,631) ( 134,432) Interest received 4,013 5,555 5,546
Capital expenditure and financial ( 62,926) ( 6,762) ( 41,031)
Reconciliation of net cash flow to movement in net debt
Increase/(Decrease) in cash in the period 206,353 ( 33,050) ( 191,336)
------- ------- ------- Change in net debt resulting from cash flows ( 559,400) 2,556 5,132
Movement in net debt in period ( 353,047) ( 30,484) ( 186,204)
Net debt at beginning of period ( 716,597) ( 530,393) ( 530,393)
Net debt at end of period (1,069,644) 560,877 ( 716,597)
SELECTED NOTES TO THE INTERIM REPORT For the six months ended 30 September 2005
1) Accounting policies
The interim report has been prepared on a basis consistent with the policies adopted in the Annual Report and Accounts for the year ended 31 March 2005.
The interim report has been approved by a duly appointed committee of the Board of Directors and is unaudited. The auditors have not carried out a review of the interim report.
The interim report does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The information for the year ended 31 March 2005 has been extracted from the statutory accounts to that date which have been delivered to the Registrar of Companies.
2) Dividend
No dividend is proposed to be paid in respect of the period.
3) Reconciliation of movements in shareholders' funds
Unaudited Unaudited Audited six months six months Year Ended Ended Ended 30 September 30 September 31 March 2005 2004 2005
Loss for the financial period ( 496,844) ( 979,868) (2,563,175)
Issue of equity shares 963,120 1,119,914 2,631,053
Further copies of this interim announcement are available from the company's registered office at: Unit E, Shipley Wharf, Wharf Street, Shipley BD17 7DW
This information is provided by RNS The company news service from the London Stock Exchange
IP: Logged |
posted
Here is the UK Keppel announcement (just so you don't think I have the wrong Patriot company etc)
Global Marine Energy PLC 30 January 2006
Global Marine Energy Plc
$12.4 Million Mechanical Handling Equipment Package Order from Keppel FELS
Global Marine Energy Plc, ('GME'), the oilfield services business, announces that its US-based subsidiary, Patriot Mechanical Handling Inc, ('PMH') has received an order valued at US$12.4 million USD from Keppel FELS in Singapore.
The order is for 2 rig sets, comprising a complete mechanical handling package, for new build semi-submersibles currently on order to Keppel FELS from ENSCO International, Inc. The order calls for Patriot to deliver a Riser Gantry crane, marine deck cranes, BOP Handling, and tree handling systems, and to provide training, spare parts and commissioning services. Delivery is scheduled for Q2 2007 for the first rig set, and H2 2008 for the second.
Paul Findlay, President and CEO of PMH, stated:
'This order is extremely significant in that we are to provide a complete package for all handling operations on and around the rigs. This order exemplifies and reinforces our strategy of pushing the complete packaging of our equipment for mechanical handling solutions to the offshore drilling industry.
We are now aligned with the offerings of other companies in our industry. Combined with our streamlined operational structure, this product offering gives us the ability to be a strong competitor.'
Philip Wood, Executive Chairman, Global Marine Energy added:
'We are very pleased to have the opportunity to work with Keppel FELS again, and to have put together a package to meet their total mechanical handling equipment needs. This is very important for GME and bodes well for the future, and although it will not impact on the current financial year it opens up new market opportunities which we are confident that we can exploit.'
30th January 2006 ENQUIRIES:
Global Marine Energy Plc Tel: 01274 531 862 Philip Wood, Chairman
Noble & Company Limited Tel: 0131 225 9677 Adam Westcott
Bankside Consultants Tel: 0207 367 8888 Michael Padley / Susan Scott
Editors' Note
About GME Headquartered in Shipley, Yorkshire, Global Marine Energy Plc ('GME') is an oilfield services business with a strong emphasis on supplying equipment for offshore drilling and exploration. The Company has two wholly-owned subsidiaries: the Houston-based Patriot Mechanical Handling, Inc. ('PMH'), providing comprehensive engineering solutions for mechanical handling to the offshore oil and gas industry; and the Newcastle-based NIM, which provides handling and access equipment to the engineering, oil and gas and marine industries.
About Keppel FELS Keppel FELS is a wholly-owned subsidiary of Keppel Corporation, a leader in offshore rigs, ship repair and conversion and specialised shipbuilding. Keppel O &M's near market, near customer strategy is bolstered by a global network of 17 yards in the Asia Pacific, Gulf of Mexico, Brazil, Caspian Sea, Middle East and North Sea regions. Integrating the experience and expertise of its yards worldwide, the group aims to be the provider of choice and partner in solutions for the offshore and marine industry.
This information is provided by RNS The company news service from the London Stock Exchange
IP: Logged |
posted
Now (and this might confuse you). I am going to give you the ORIGINAL post when Patriot listed on the OTC.
The reason it might confuse you is that Global Marine Energy is the NEW NAME for MOS International!! - tell you what I'll post that RNS as well.
Here's the OTC one...
MOS International PLC 11 May 2005
MOS International plc
PMH lists on OTC
MOS International plc, ('MOS' or 'the Company'), the oilfield services business, announces that its subsidiary, Patriot Mechanical Handling Inc ('PMH'), based in Houston, Texas, is to list on the Over The Counter Bulletin Board ('OTCBB') in New York.
This was effected by the company reversing into a 'shell' corporation.
MOS International plc will own approximately 72% of the OTCBB quoted entity. Although this will reduce as and when further capital is raised to fund the expansion of PMH, MOS will continue to have a controlling interest in PMH for the foreseeable future.
Philip Wood, Chairman, MOS International plc commented:
'Having an American-listed subsidiary will significantly increase the profile of PMH in the US market which will help us to capitalise on the current high level of activity in the oil services sector.
'Gaining a separate quote for PMH is a small but important step in our strategy to develop the US business and as well as increasing PMH's profile it will also give MOS access to an additional source of funding that will enable PMH to take advantage of the opportunities that are available.'
11th May 2005
ENQUIRIES:
MOS International plc Tel: 01274 531 862 Philip Wood, Chairman
Patriot Mechanical Handling Inc. Tel: 001 281 445 4745 Paul Findlay, Chief Executive
Bankside Consultants Tel: 0207 444 4140 Michael Padley / Susan Scott
This information is provided by RNS The company news service from the London Stock Exchange
HERE IS THE CHANGE OF NAME MOS International PLC 18 November 2005
MOS International plc
Change of Name to Global Marine Energy plc
MOS International plc, ('MOS'), the oilfield services business, announces that pursuant to the resolution passed at the Company's annual general meeting held on 24 October 2005, the Company has changed its name to Global Marine Energy plc.
In addition the Company has amended its EPIC code to GME. This change will take effect from Monday.
This information is provided by RNS The company news service from the London Stock Exchange
IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
![[Smile]](smile.gif)
