Neptune Secures Funding, $75MM Charter for New Support Vessel

Neptune Marine Services Limited has accepted an offer of debt funding for the purchase of the dynamically positioned (DP2) vessel, Nor Sea.

The debt facilities for the purchase of the 70.05 meter, 5506 BHP Nor Sea will be provided by National Australia Bank Ltd. The primary facility for the purchase will be a three year commercial bill facility.

Neptune expects to take delivery of the vessel during the second half of September from which time it will incur immediate financial return stemming from a charter (five months with an option to extend a further two) for an Australian geotechnical data services company valued at approximately $7.5 million.

Managing Director and CEO of Neptune Marine, Christian Lange, said the Company was pleased to have established the partnership with NAB. The addition of the Nor Sea is expected to provide invaluable support to Neptune's comprehensive suite of integrated subsea services and provides the group with greater scope and flexibility in the execution of offshore projects.

Built in 2005, the DP2 Nor Sea is a specialist anchor handling, tug and platform supply vessel capable of supporting a range of activities including cable repair and maintenance, subsea recovery and installation, inspection, repair and maintenance works, hydrographic surveying and ROV construction support. It will predominantly service the Australian market as well as providing additional support to the South East Asian market in conjunction with Neptune's existing IRM support vessel, the MV Neptune ROV Supporter, which is currently undertaking a $4.5 million charter for a major international oil and gas EPIC contractor in the region. The vessel will be renamed the MV Neptune North Sea shortly after delivery.