Neptune to Buy Support Vessel for Austral-Asian Waters

Neptune Marine Services Ltd signed a memorandum of agreement (MOA) with Singapore-based Nor Supply Pte Ltd for the acquisition of the vessel Nor Sea. Featuring 5506 BHP, FiFi class one capability and accommodation for 42, the Nor Sea is a specialist anchor handling, towing and supply (AHTS) vessel.

The purchase price of the vessel is US $30 million, conditional upon Neptune raising sufficient funds to complete the purchase within 90 days.

"The vessel is also an intrinsic component in the progression of Neptune's business strategy of acquiring assets, technologies and expertise that seamlessly add value to our unique integrated subsea services model," said Christian Lange, managing director and CEO of Neptune Marine.

The vessel will be permanently fitted with a 135HP Swift XL Free Swim Construction Support ROV system and associated hydrographic survey system. The Nor Sea will be applied to ROV, survey and light construction support works throughout the Austral-Asian region.

While the Nor Sea will predominantly service the Australian market, it will provide support to the Southeast Asian market in conjunction with Neptune's existing IRM support vessel, the MRV ROV Supplier, that will predominantly operate in Asia, due to be delivered on June 4, 2008.