Hallin Marine Sells Saturation Diving System for $4.25 Million

Hallin Marine has announced the agreement for the sale of one of its Saturation Diving Systems for US$4.25 million net to a US based contractor.

The main components of the system, SAT-04, were purchased in a used condition in 2005 and the Company upgraded and refurbished the system. It is the Company's only nine-man system, the rest being the more versatile 12-man systems together with one additional specialist and compact six-man sat system.

A Gulf of Mexico contractor from the Company's Singapore base is purchasing SAT-04.

Hallin has received a deposit for the purchase of the system and expects to complete the transaction and hand the system over during October 2007.

Earlier this year Hallin completed the build of two of its own design, ABS class, 200m-water depth rated, 12-man sat-systems; SAT-06 and SAT-08. Both went to work for the Company immediately upon completion in February and September respectively.

The Company is currently building, at its Singapore manufacturing facility, the sat system SAT-07, which will be fitted into the diving vessel the SOV Ullswater. A further SAT system is also under construction at the facility for a third party.

John Giddens, Chief Executive of Hallin Marine, said:

"We are delighted to announce the profitable sale of the Sat 04, our only remaining nine-man sat system. As well as being an excellent deal for the Company it achieves our aim of operating a standardized fleet of fully classed 12-man Saturation Diving Systems.

"The expertise Hallin has demonstrated in upgrading and refurbishing this system has been reflected in its successful and profitable deployment offshore and, now, in its sale at an excellent price."