Hallin Marine, the AIM quoted provider of subsea solutions to the oil and gas industry, has signed a US$40 million contract to provide a vessel and saturation diving system.
The contract is Hallin's largest to date and runs for the next two years with a subsidiary of the Singapore quoted Swiber Holdings Ltd (Swiber).
The wholly-owned Swiber subsidiary, Kreuz Offshore Marine Pte (Kreuz). Ltd, will take the Hallin operated Sanko Angel, fitted with one of the Company's saturation diving systems, on a fixed and firm charter for two years. The contract, which starts immediately, will initially operate on projects offshore of Indonesia and Malaysia.
Additionally, a technical service agreement has been put in place, whereby Hallin will provide Kreuz with specialist subsea personnel and additional support equipment, which could increase the size of the Company's project scope significantly.
The 76 metre Sanko Angel is a versatile, multi-purpose, offshore subsea operations and support vessel. It can accommodate up to 128 personnel onboard and is fitted with 50T Subsea crane and helicopter-deck. It will be operating in DP2 (dynamic positioning class 2) mode during the construction and subsea projects.
Jon Attenburrow, Managing Director of the East Division of Hallin Marine, said, "We are pleased to have been awarded the two year contract with the Singapore based Swiber Group.
"This long-term diving support vessel contract is ideally suited to the Hallin Marine package of the Sanko Angel, our saturation diving system and our subsea capabilities and expertise. It provides Hallin's East Division with a solid business foundation through to 2010."
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