Hallin Wins US$9.5 Million Subsea Saturation Diving Contract in GOM

Hallin Marine, the AIM quoted provider of subsea solutions to the oil and gas industry, has signed two new contracts with a combined estimated value of US$9.5 million.

The Company has signed a 12 month contract with a US-based Contractor to provide Hallin's state of the art Saturation Diving System SAT-05 for operations in the gulf of Mexico. Hallin will also provide personnel and operate the system as the client requires.

The final scale of the contract will depend on the utilisation of the system and Hallin personnel during its term but the estimated value is a minimum of US$7.5 million.

Hallin has not taken up the second year of its option on the charter of the vessel the Voyager. The Company has demobilised its saturation diving system SAT-05 from the vessel in order to allocate the diving system to support this Gulf of Mexico contract.

Hallin has also been awarded a US$2.0 million contract with repeat client Seaway Heavy Lifting Ltd to provide Saturation Diving Services in support of the BCP-B2 Booster Project offshore of the West Coast of India.

Under the terms of the contract the Company’s compact SAT-01 System and saturation diving team will be mobilised onto the heavy lift construction barge the HLV Stanislav Yudin in September and continue through the fourth quarter of this year.

Jon Attenburrow, MD of Hallin Marine East Division, said: "We are pleased to have been awarded these service order contracts under our existing Master Service Agreements - a good indication of the level of our ongoing relationships with our clients.

"The project in the Gulf of Mexico builds on our successful relationship with a US client and we will be working in the US for our second successive year.

"We look forward to again working with Seaway Heavy Lifting and providing it with Saturation diving services onboard the Stanislav Yudin in support of this first phase of their construction program offshore India."