PSN Secures Second Multi-Million Dollar Joint Venture in Sakhalin Island

International oil and gas contractor, PSN, has secured a new joint venture with TransStroy Sakhalin, Sakhalin Technical Services Network (STSN), signing a multi-million dollar contract with a major operator on Sakhalin Island. PSN, which also has a stronghold in the North American market, only recently acquired a contract to supply technical support services as Sakhalin Energy Investment Company (SEIC). The move firmly establishes PSN in the Far East Sakhalin Island market.

Ali Green, Business Development Director, said: "These awards are a tremendous achievement. We are excited about the opportunity to deliver premium technical and engineering services to two of the most technologically advanced offshore energy development projects in the world. This success firmly establishes PSN in the Far East Sakhalin Island market and offers us exciting opportunities for future strategic growth.

"These new awards, jointly worth over $100 million, will create up to 250 new jobs, 150 of which will be based on Sakhalin Island and up to 100 based in Melbourne, Australia. PSN is committed to localization and relies on local talent for local markets. Our Sakhalin projects will employ Russian specialists and resources, supported by expertise from the rest of PSN's global network. We will create local jobs for local people to ensure our teams have the right technical, design and engineering expertise to work at the frontier of the emerging Russian market.

"Sakhalin Island is of critical importance to the global oil and gas industry. It offers enormous energy reserves but also enormous technical challenges. Sakhalin's near-arctic conditions, massive ice flows, and extreme temperatures demand innovative engineering and logistical solutions. These projects offer an exciting opportunity to explore new methods and technology at engineering's cutting edge."

PSN's U.S. operations are based in Houston, Texas and have been incredibly successful in the company's first year with North American revenue increasing by more than $50 million (US) and the addition of 200 new U.S. jobs. "In May 2007, CEO Bob Keiller pledged to create at least three new international businesses, in just 12 months," said Zeffrey Lucas, president of PSN U.S. "This aggressive growth pledge is expected to generate an additional $300 million (US) of revenue for PSN over the next 5 years. These new Sakhalin Island ventures demonstrate our commitment to meet our global pledge and reveal our international reach. We have significantly grown our network of capabilities and services which will benefit all of our customers whether U.S. based or abroad."

PSN's Canadian operations, based in St. John's NL, also directly benefit from global expansion, according to Roger Clarke, vice president of PSN Canada. "Our solid work in the harsh water environment off the east coast of Canada has equipped and prepared PSN for expansion into the Alberta market. Canada continues to play a key role in PSN's global operations and overall global strategy. With our North American colleagues, we are poised for continued growth, building on a successful first year as PSN."