Caspian Services to Build Marine Supply & Support Base at Bautino Bay
Caspian Services has acquired a five hectare (approximately twelve acre) parcel of undeveloped real property on the shores of the Bautino Bay, which is located in the north Caspian Sea. Caspian Services acquired this property for the purpose of developing a full-scale marine supply and support base. The Company's desalinization plant and hotel are located in Bautino and the Company believes Bautino is being developed as the main support center for offshore oil exploration activities in the north Caspian Sea, including the development of the giant Kashagan field.
Commenting on the acquisition, Mr. Paul Roberts, Director and COO of Caspian Services said, "The acquisition of this shoreline site in the Bay, ensures the progression of our development concepts for a major marine supply and support base for the offshore oil exploration, development and production activities in this important region. In addition, our proposed facilities will provide a vital home base for our own growing fleet of vessels operating in the region. This acquisition represents a major step forward in the expansion of the Company's activities in the region, and will provide the basis for the development of other future operations for the Company."
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