Global Marine Energy Secures US $9 Million in Orders
Global Marine Energy plc has won orders totalling in excess of US$9 million from two companies in Singapore.
NIM Engineering Limited has secured a US$2.7 million order from Baker Marine for anchor winches, whilst the US subsidiary, Patriot Mechanical Handling Inc, has received orders totalling in excess of US$7.2 million from PPL Shipyard Private Ltd, for pipe handling & drill floor equipment, and Neptune Marine Oil & Gas Limited, for handling and drilling products. Delivery of all these orders is scheduled for 2007.
PPL is one of the world's leading rig manufacturers, with a number of subsidiaries offering a range of services to the international offshore oil industry, including Baker Marine, a specialist in jackup rig technology. PPL's rig building activities are centred at its Singapore yard; to date these facilities have fabricated over thirty rigs of various types and sizes.
Neptune is an emerging drilling contractor with an experienced management team. It is aiming to become a major, quality offshore drilling contractor, focusing on drill-ships and other mobile offshore assets within the Mediterranean, the Black Sea, the Middle East, India and South East Asia markets.
Paul Findlay, Group CEO of Global Marine Energy PLC, commented:
"We are continuing to make progress in expanding our client base and in developing relationships with the world's leading rig manufacturers. The orders from Singapore are the culmination of several months' work and I am confident that our team can build upon this and that we can continue to expand and grow the Group worldwide.
"As an independent niche supplier to the oil industry, we have the opportunity to increase turnover rapidly and to grow our market share in an expanding marketplace."
"The recent placing has put the company in a much stronger position to win orders in the future, as has been shown with this set of orders. The stronger balance sheet and additional cash have enabled us to fund the working capital and performance bonds required to secure such orders. This fundraising has enhanced GME's position in our market and we would like to express our thanks for our shareholders support."
- TSC Offshore Confident about Deepwater Prospects (Sep 28)
- Global Marine Snatched up by EMER (Oct 12)
- Patriot Mechanical Signs Merger Deals with Kensington (Apr 11)