Patriot Mechanical Handling Wins Equipment Contract

Patriot Mechanical Handling has won an order totaling US$8.8 million from the Eisner Business S.A., Brazil subsidiary of Queiroz Galvao Perfuracoes S.A.

The US$8.8 million order from Eisner Business S.A. is for one mechanical handling rig set, comprising BOP and Subsea Tree transporters for a new build semi-submersible currently on order from Keppel FELS in Singapore.

Queiroz Galvao is a major Brazilian corporation with operations in: Construction, Real Estate Projects, Concessions, Urban Waste Disposal, Oil and Gas, Steel Industry, Finance and Farming. Queiroz Galvao started its activities with conventional drilling rigs in 1981. The growth in this activity has continued, and today the company owns and operates semi-submersible, offshore drilling platforms and conventional as well as helitransportable onshore drilling rigs in remote and hard to reach areas like the Amazon region, where the company has three onshore drilling rigs in operation.

Keppel FELS is a wholly owned subsidiary of Keppel Corporation, through Keppel Offshore & Marine, and is a leader in offshore rigs, ship repair and conversion and specialized shipbuilding. Keppel Offshore & Marine's near market, near customer strategy is bolstered by a global network of 17 yards in the Asia Pacific, Gulf of Mexico, Brazil, Caspian Sea, Middle East and North Sea regions. Integrating the experience and expertise of its yards worldwide, the group aims to be the provider of choice and partner in solutions for the offshore and marine industry.

Paul Findlay, CEO of Patriot, commented, "Hopefully investors can now see that the strategy the Board implemented is bearing fruit as we continue to expand our client base and to develop relationships with some of the largest companies in the market. The Group performance continues to improve, and the outlook is positive."