Executive Summary
Wellstream Holdings plc is a leading designer and manufacturer of high quality, custom made unbonded flexible pipeline systems for use primarily by the offshore oil and gas industry. By revenue and production volume, Wellstream is the second largest producer of offshore flexible pipeline systems for the oil and gas industry (according to Douglas-Westwood Limited, an independent energy sector market consultant, based on 2006 data). In addition, the Company manufactures an onshore flexible pipe product, FlexSteelTM, which is in the early stages of commercialisation. Wellstream's strategy is to expand its share of the offshore flexible pipeline systems market by increasing capacity through further efficiency gains at its main design and manufacturing facility in Newcastle, and through the addition of a new manufacturing facility in Niteroi, Brazil which the Directors anticipate should commence manufacturing operations in May 2007. The Company is also considering entering into a niche segment of the offshore pipeline installation market, to provide a \supply and install\ package as a complementary business line. Further, Wellstream will seek to continue the commercialisation of its onshore flexible pipeline product, FlexSteelTM, through further product development and enhanced manufacturing capacity.
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