Neptune Marine Services secures contract

Neptune Marine Services Limited has secured a major upgrade in an existing contract to repair infrastructure at Cullen Bay marina in Darwin.

This upgrade represents the Company's largest contract since its listing on the ASX last year and sees Neptune's first half 2006 revenues significantly surpass operational revenues earned in the 2005 financial year.

Neptune's CEO Richard Wolanski said revenues expected to be generated from the Darwin Marina project would be approximately $1 million with work concluding in December 2005.

"The project takes Neptune into a new realm with respect of the size of the projects the Company is able to complete," he said.

"The contract is repeat client business and this is testimony to the quality of work the Company is able to achieve with our patented dry underwater welding technology."

Consulting engineer Kellogg Brown and Root will oversee the expanded contract which involves repairing the remaining gate infrastructure. Neptune will be involved in removal, refitting and re-installation of the infrastructure and is prime contractor to the project