Hallin Marine Forms New Manufacturing Subsidiary
Hallin Marine has formed a new manufacturing subsidiary to produce subsea intervention assets for both the Company and for third parties.
The new subsidiary, Hallin Engineering Services Pte Ltd, has already won its first order to build a 12-Man Saturation Diving System for a major Gulf of Mexico offshore contractor.
The contract, for a purpose-built system based on Hallin Marine's existing design for ABS classed, 200m rated, diving system, has a minimum value of US$6.8 million. Additional design modifications are required specific to the vessel installation, which will increase the value of the build contract.
The system will be built at the Company's engineering and build facilities in Loyang, Singapore and is scheduled for delivery in July 2008.
Hallin Engineering Services Pte Ltd is a wholly-owned subsidiary of Hallin Marine Subsea International plc and will operate the Singapore facilities as a separate manufacturing profit center.
This will be the first system the Company has built to order for a third party. All previous sales of Saturation Diving Systems by Hallin have been of systems previously built for Hallin itself.
John Giddens, Chief Executive of Hallin Marine, said: "The creation of the new manufacturing company is an exciting development for Hallin Marine as it will design, engineer and build subsea assets for both Hallin companies and third parties.
"This development is a logical progression for the business, profitably expanding our existing well proven capabilities. It will enable us to focus and further build on our successful design, engineering and construction experience in Singapore.
"We are particularly pleased to have been awarded our first build to order contract so quickly after setting up. It reflects the demand in the market for the Company's state of the art, portable 12-Man diving systems.
"Looking forward we see considerable demand for new and high quality subsea assets that Hallin Engineering Services will be very well placed to profitably help meet."
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