Neptune Marine secures $45m contracts

Neptune Marine Services has secured new and extended contracts valued at some $45 million, including work on the North West Shelf.

The announcement is below:

Neptune Marine Services today announced that it has recently secured new and extended contracts worth approximately $45 million.

Involving five of Neptune's business units, the projects span Australia, Indonesia, India, Brunei, Hong Kong, the Gulf of Mexico and Russia.

Included in the scopes of work are:

- North West Shelf:

o An Australian-first integrated survey and ROV (remotely operated vehicle) construction support project utilising the Neptune Trident DP2 vessel and two of Neptune's Swift XL work class ROV systems.

o An integrated survey and ROV jacket installation support project that also involves the utilisation of two Neptune Swift XL work class ROV systems installed on the support barge.

o A five year survey and positioning contract.

- A three year inspection, repair and maintenance contract for production facilities in the Timor Sea.

- An emergency ROV pipeline inspection project in Indonesia.

- The extension of a major NEPSYS® project currently underway in the Gulf of Mexico.

Neptune's Managing Director and CEO, Christian Lange, said the contracts demonstrated an increased awareness of the Group's integrated service capabilities within the global oil and gas industry and the fact that Neptune continues to partner with some of the world's leading blue chip energy companies and EPIC contractors.

"Our recently awarded contracts in India, Indonesia, Hong Kong, Brunei and Russia emphasise our successful identification and execution of growth opportunities in new markets and our focus on migrating our integrated services model internationally," he explained.

Mr Lange said the current phase of activity was indicative of the robust pipeline of bidding opportunities outlined in the company's recent half year guidance.

"As part of this phase we are starting to build our pipeline of works for FY2010 which provides greater certainty and stability for our revenue base in the coming year," he said.

"Internationally, demand remains high for brownfield inspection, repair and maintenance works, construction support activities and vessel and ROV support - all of which are contributing to Neptune's long term growth and development."