Neptune Successfully Wraps Up Offshore NEPSYS Projects

Leading engineering services company, Neptune Marine Services Limited, has successfully completed two international projects utilizing its NEPSYS dry underwater welding technology.

With a combined value of more than $2 million, the projects comprised a jacket leg strengthening project in the southern Gulf of Thailand and a critical weld repair on a drill rig in the Gulf of Mexico. Neptune’s Managing Director and CEO, Christian Lange, said the completion of the projects was in line with previous company guidance.

"As reported in our recent update, these are the projects that, under original scheduling, were earmarked for completion in June. Having been completed within the revised timeframe, the revenue and profits from both projects will now be captured in our 2009 first half results," he confirmed.

Given the success of the projects, Lange said he anticipated additional international opportunities for Neptune and NEPSYS.

"Operators of producing assets recognize the importance of minimizing costly downtime and this is where the NEPSYS technology comes into its own in the provision of a permanent, in situ, class society approved solution that is both time and cost effective," he explained.

"Recent forecasts of subsea expenditure in the Australasian and North American regions suggest some $57 billion will be spent over the next four years. Given Neptune’s presence in both regions, we are very well placed to take advantage of this surge in activity. We also have interest from customers with operations in the North Sea market.

"In addition to the $20 million worth of major projects that we announced last month, these two NEPSYS projects will further contribute to our current orders that, collectively, are valued at approximately $50 million. This, combined with strong tendering activity across the group, the favorable outlook for subsea services and Neptune’s expanding service offering will help drive our continued growth," he added.