Hallin Marine Secures Subsea Operations Vessel

Hallin Marine has signed an agreement with Sanko Line of Japan to charter the newly built Sanko Angel, a DP2 Subsea Operations Vessel. The charter duration is for a three year period.

Hallin Marine will take delivery of the new vessel in Singapore in the 4Q06 and immediately plan to fit both saturation diving and ROV systems onboard.

The Sanko Angel will strengthen Hallin's capabilities and provide a platform from which to carry out offshore construction, inspection, repairs and maintenance of new and existing oil and gas fields. Hallin is delighted to announce the charter at a time of a shortage in the market of suitable specialist vessels due to growing global demand for subsea intervention equipment oil and gas industry.

The Dynamic Positioning Class 2 Subsea Operations Vessel has been specifically designed to meet the requirements of the offshore oil and gas support industry. The 76 meter Vessel, with over 700 sq meters of workable deck space, a Marine Seabed-plumbing 50T SWL crane and accommodation for up to 132 personnel, provides an ideal platform to support Hallin Marine's subsea diving and ROV operations.

The technically advanced Sanko Angel will eventually replace the ageing Fu Lai that Hallin has had on long term charter for the last 2 years. The new vessel is significantly more fuel efficient and offers an operational edge compared to older vessels for projects the company is currently bidding or planning to bid for.

John Giddens, Chief Executive of Hallin Marine, said:
"We are pleased to have secured the charter of the Sanko Angel, a highly capable asset which will complement Hallin's existing portfolio of vessels and subsea equipment. The Sanko Angel will support new projects in Asia, Europe and the US in 2006/2007."