Neptune Marine Snags New Service Contracts with Australian Majors

Neptune Marine Services today announced a new round of contract awards valued at approximately $20 million for a range of blue chip clients, including Australian majors, Woodside and BHP Billiton.

Contributing further to the $55 million in new and extended activity announced last month, the contracts, spanning Australia and the UK, include:

• Fabrication, testing and loadout of subsea 'J' and 'E' spools as well as associated installation cradles and spreader beams for Woodside's Greater Enfield Area Project 09.
• Construction support on BHP Billiton's Pyrenees Oilfield Development utilizing the Neptune Trident DP2 vessel. Recently retrofitted with a mezzanine deck and full ROV spread, the Neptune Trident is providing operators in the offshore oil and gas industry with a greater degree of flexibility in service delivery.
• A five month program of specialist rope access, heavy equipment lifting/rigging, NDT inspection, confined space entry/rescue and electrical inspection services offshore Western Australia.
• Detailed drafting and fabrication services to Pelamis Wave Power Limited (UK) for the manufacture of the P2 Pelamis Wave Energy Converter (WEC) joint modules. Involving both of Neptune’s UK business units, the scope of work includes engineering, design, procurement, inspection, supply, fabrication, testing and delivery of the completed modules.

Neptune's Managing Director and CEO, Christian Lange, said the current and future pipeline of opportunities across the global Neptune Group were extremely encouraging, particularly in light of the global economy.

"As highlighted in our recent quarterly statement, revenues generated by the group have remained robust at $48 million for the three months to March 31, 2009 and $145 million year-to-date," he explained. "Similarly robust is our bidding activity and pipeline of tendering opportunities that is providing us with the visibility that will help to drive our ongoing growth strategy into 2010 and beyond."