Neptune secures $25 million worth of new projects


    Neptune Marine Services

    Neptune Marine Services Ltd announced that it has successfully secured a range of new projects both in Australia and international markets valued at approximately $25 million. All scheduled for completion in the first half of FY2010, the projects include:

    – A NEPSYS® repair project for a new customer operating in the North Sea.
    – Fabrication works out of the company’s Aberdeen workshops for an offshore project in Brazil.
    – A range of diving and repair projects for several oil and gas projects in Western Australia and the Northern Territory.
    – A one year extension of a Master Service Agreement for diving and repair works for an existing customer.
    – Freespan rectification and grouting services in Iran and Australia.

    Neptune’s Managing Director and CEO, Christian Lange, said the current scope of new work was particularly encouraging and further demonstrated Neptune’s high levels of organic growth that continued to be experienced both domestically and internationally. “The NEPSYS® repair project in the North Sea is strategically important and further emphasises the increasing recognition that the technology’s cost effectiveness and success as a permanent repair solution is gaining among the energy companies and EPIC contractors that are operating in large international markets,” he said. “Similarly, the fabrication works for the project in Brazil provides us with the opportunity to establish ourselves with a new customer in a new market. Brazil’s burgeoning oil and gas industry holds a lot of potential for the ongoing international expansion of the Neptune group.”

    Mr Lange said the group’s strong pipeline of tendering opportunities in all markets was expected to deliver considerable upside.


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