Australia's Neptune Marine Services Scoops up Subsea Contracts
Australian firm Neptune Marine Services Limited announced that its pipeline stabilization and grouting business unit, Sea-Struct, has recently secured a number of significant projects both in Australia and overseas.
Contributing to Neptune’s encouraging start to the new financial year, Sea-Struct has either recently commenced or has been awarded a number of projects for major operators in the oil and gas industry.
Collectively valued at approximately $7 million, the projects span Australia, Sharjah, Brunei, China, Indonesia, Vietnam, Malaysia and Taiwan. Additional projects worth almost $2 million are either pending award or under bid. For its largest project in Victoria, Sea-Struct will supply 600 of its specialized SEAMAT pipeline stabilization mattresses.
Neptune’s Managing Director and CEO, Christian Lange, said the accelerated activity from the Sea-Struct business confirmed the effectiveness of Neptune’s acquisition strategy. "Less than three months since we acquired the business, Sea-Struct (and indeed the broader Neptune group) is reaping the rewards of new and ongoing contracts that stem from the combination of operational autonomy and the security that comes with being part of a larger, global organization," he explained.
"While Sea-Struct is a relatively new addition to the Neptune group of companies, it has already contributed to our largest integrated services project to date. When combined with the likes of our ROV, Vessel, Hydrographic Survey and Engineering capabilities, Sea-Struct has a vital role to play in Neptune’s delivery of integrated subsea solutions to the global oil and gas industry.
"Similarly, the synergies that exist in South East Asia between Sea-Struct, Access Management and our ROV & Vessel Division are expected to result in further growth opportunities for the Neptune group across that burgeoning region."
The revenue generated from the Sea-Struct projects is encompassed in the $50 million worth of orders recently announced by the company.
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