OMNI Energy Services Corp. has been awarded a contract with a leading seismic data acquisition company to perform a major seismic drilling project in the north Louisiana Haynesville Shale area. The contract will generate approximately $5 million in revenue; it is expected to commence during the first quarter of 2009.
The Company also announced that it has finalized an operating agreement with US Liquids of LA, L.P. ("USLL"), for the use of expanded facilities in Fourchon, La., ideally located on the Gulf Coast with access to nearly half of the offshore drilling projects in the deepwater Gulf of Mexico. The USLL's facility will provide access to over 500 feet of dock space and will give OMNI the capability to service larger deepwater vessels. The major exploration and production companies utilize an estimated 80 percent of these larger deepwater vessel charters in the Gulf of Mexico. OMNI will now have the dock space necessary to pursue cleaning contracts with these companies.
At the new facility, OMNI will also showcase its automated cleaning tool which reduces confined space hazards by up to 70 percent, and substantially decreases the amount of wash water required for cleaning vessels, tanks, and rig pits over conventional methods. The Company expects its Trussco division to begin providing environmental cleaning services at this larger Port Fourchon location in the third quarter of 2008.
Brian J. Recatto, President and Chief Executive Officer of OMNI, stated, "We look forward to our seismic operation's newest project in the Haynesville Shale. This is a sizable contract that will enhance our presence in this prolific play, and complement the opening of our land operation facility in Sibley, La. earlier this year."
Commenting on the Port Fourchon facilities expansion Recatto stated, "The Fourchon facility will provide increased commercial opportunities for OMNI by expanding our environmental cleaning service capability to include larger deepwater vessels. We feel demand for our services remains healthy and we expect to continue our aggressive participation in active markets. To that end, we look forward to cultivating our existing relationship with USLL which will allow for additional strategic growth opportunities between our companies' common customers."
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