Cavotec is pleased to announce that the Board has granted a mandate to Sweden’s Handelsbanken to explore the possibilities surrounding a secondary listing on the Nasdaq OMX First North stock exchange (OMX). The application is subject to the normal approval process of OMX and is at the discretion of OMX.

Cavotec considers a secondary listing as an important step to further broadening its shareholder base internationally, and to provide additional ways of maximising shareholder value.

“Lower liquidity on the NZX, coupled with falls in overall trading volumes over the past year, has underlined the necessity of seeking alternative routes to capitalise on future opportunities,” says Ottonel Popesco, Cavotec CEO.

A secondary listing would also provide Cavotec with additional avenues to raise capital to support longer term growth strategies, while simultaneously closing the gap between a listing in New Zealand and the Company’s expanding manufacturing base outside the Pacific Rim region.

“Maximising returns for our shareholders, while creating a financially stable and growth- oriented operation, has always been our main focus. We see the move towards a secondary listing on the OMX First North as a natural development of this strategy,” adds Stefan Widegren, Cavotec Executive Chairman.

The First North bourse is operated by the several Nordic NASDAQ OMX exchanges in Copenhagen, Helsinki, Iceland and Stockholm.

We are pleased to announce the election by cooptation to the Board of Directors of Leena Essén, who currently serves as Cavotec Group Financial Controller.

Leena has worked with Cavotec throughout our forty-year history, and has been instrumental in building the Group into the worldwide business it is today. Her experience and detailed insight of our global operations and customer relationships will provide an invaluable sounding board for our future growth.

Leena joins the Board with effect from Monday, October 18, 2010.

Cavotec continued to deliver solid results in Q3, maintaining the positive trend set throughout the first half of the year.

Order Intake for the quarter came to EUR 42.0 million, a 49.3% increase on Q3 2009. Our Order Book now stands at EUR 72.5 million, an increase of 57% on the same period last year.

Our rolling 12-month Order Intake came to EUR 166.4 million, up 32.7% compared to Q3 2009.

Over the course of Q3, our Airports Market Unit continued to book solid results, with several noteworthy projects around the globe. Our Ports & Maritime Market Unit also continued to register interesting orders in Q3, further strengthening our position in this crucial sector.

In the General Industry Market Unit, our newest Centre of Excellence, Cavotec Meyerinck, reported several important deals, including one for 11 loading and unloading arms for a new bio-ethanol plant in Germany. In a highly specialised application, Meyerinck is to deliver a Teflon-lined loading arm fitted with a vapour return line, for Qatar Vinyl in Doha.

Our Mining & Tunnelling Market Unit also registered an uptick in demand, following stronger performance in the sector as a whole and concurrent rise of commodity prices.

Taking all of the above into consideration, and bearing in mind our solid performance, even in tough global economic conditions, we remain confident of further evolving our growth and development, while reaching our previously stated target of a return to 2008 levels of revenue.

You can download the full report from our web site.

MoorMaster™ units poised for mooring at Port Hedland's Utah Point multi-user berth.

Commissioning of the 14 MoorMaster™ MM200B (bulk) units at Port Hedland in Western Australia is proceeding smoothly, with full hand-over expected in the coming weeks. On September 29, the 225m iron carrier Huang Shan Hai was successfully moored and held without ropes. The operation was covered by the local North West Telegraph newspaper.

MoorMaster™ is a vacuum-based automated mooring technology that eliminates the need for conventional mooring lines. Remote controlled vacuum pads recessed in, or mounted on, the quayside, moor and release vessels in seconds. The system offers improved safety, infrastructure savings, improved turn-around times and reductions in emissions.

The PHPA’s MoorMaster™ units are built to withstand the especially harsh operating environment at the port. Not only will the units face abrasive iron ore dust and falling rocks, during cyclone season, which runs from November to the end of February, seawater spray and winds will regularly blast the systems at speeds of up to 200 mph (320 kph).

Port Hedland’s iron ore facility is particularly exposed: situated directly on the mouth of a tidal inflow area, with tides ranging up to five metres. While the systems will not be required to moor vessels during cyclones, the systems will be able to compensate for the port’s exceptional changes in tide levels.

All secure: a third vessel moors at the Utah Point berth.

In a similar application, we are currently installing eight MoorMaster™ units for Hammersley Iron Pty Ltd, a subsidiary of Anglo-Australian mining group Rio Tinto, at the Port of Dampier, also in Western Australia. The units will serve the Dampier Fuel Wharf, located on the eastern end of the Parker Point ore wharf. Each unit will have a capacity of 20 tonnes, and will complete vessel mooring in less than 30 seconds and disengage in less than 10 seconds.

MoorMaster™ is also in use at Canada’s St. Lawrence Seaway, on RoRo ferry routes run by Searoad Shipping Australia and Toll in New Zealand, at the APM Terminals container facility at the Port of Salalah in Oman, and on three high frequency fast ferry routes in Denmark, operated by Nordic Ferry Services A/S.

Concrete chamber installation for Pop Up Pit

Work on our Bahrain International Airport project – on one of our flagship applications - continues to progress on schedule. The client, the Bahrain Airport Company, recently successfully commissioned the first of 18 Pre-conditioned Air (PCAir) units at the Cavotec Fladung facility in Germany. We expect the final commissioning phase to take place as planned, during Spring 2011.

Our PCAir systems form the centrepiece of this project, one of the largest in Cavotec’s history with a total value of some €30 million. We are also delivering and installing pop-up units, transformer sub-stations, 400Hz power supply systems, a Vacuum Evacuation System, a blue water supply system and a potable water supply system.

While PCAir itself is a highly innovative system, the concept draws together proven and tested engineering expertise from, among others, Alfa Laval and Atlas Copco. The system expands dry compressed air to cool parked aircraft. Pilots often run on-board auxiliary power units (APUs) to cool aircraft. These units can burn between 200 and 600 litres of fuel per hour, polluting airports and consuming fuel that could be used to fly aircraft – not cool them on the ground. It supports airports in creating APU-free aprons, providing the dual benefits of reducing pollution and reducing costs, making the system beneficial to all airport constituencies: airlines, airport operators, and communities surrounding airports.

Front: power cables for PCAir and 400 Hz equipment. Rear: PCAir pipes covered to prevent damage from UV rays.

The Bahrain order is a key element of the airport’s USD 4.7 billion expansion programme, designed to cater for the projected growth in passenger and freight numbers. The expansion, planned over the next 30 years, will triple passenger capacity to 27 million a year. Two new terminals will be opened in the next four years as part of the expansion. Bahrain’s expansion programme will see the creation of 110 aircraft stands, including 87 with contact gates. Bahrain International Airport currently hosts 42 airlines and is home to Bahrain’s Gulf Air and Bahrain Air.

We are looking forward to continuing to work on this exciting project.