20/11/2012 - 11:53

Neptune announces $6m contract win

20/11/2012 - 11:53

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Neptune announces $6m contract win

Neptune Marine has won a $6 million contract to provide works for MODEC’s Venture 11 floating oil and gas processing facility in the Carnarvon Basin.

Neptune said works would kick off in January, using a vessel provided by Singapore-based Pacific Radiance Group.

MODEC’s Venture 11 floating production, storage and off-take facility is capable of processing 100,000 barrels of oil per day, with a storage capacity of 930,000 barrels.

Chief executive Robin King said the contract was an exciting win for the company.

“It is also pleasing that we continue to develop our relationships with key service providers such as Pacific Radiance to deliver on work,” Mr King said.

“We are pursuing follow-on work for other clients in Australia.”

At 11:45AM, WST, Neptune’s stock was steady at 3.1 cents. 

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