Hallin Marine, the AIM quoted subsea solutions provider to the oil and gas industry, has completed the previously announced transaction involving the sale of its new vessel, the Ullswater, and commenced the 10 year long, bare boat charter of the ship. Due to construction delays at the shipyard, delivery of the vessel to Hallin has just taken place, some eight weeks later than planned.
This has caused the transaction involving the sale and charter of the vessel to be delayed from December 2008 to February 2009.
Therefore this transaction and the subsequent profit, estimated to be in excess of US $4 million, will now be included in the company's 2009 trading year results, rather than, as anticipated, in the 2008 trading year results.
Despite this Hallin still expects the results for the period ended 31 December 2008 to exceed market expectations.
The company's preliminary results for the year ending 31 December 2008 are expected to be announced on 17 March 2009 and the company's annual report and accounts will be sent to shareholders by 31 March 2009.