10/11/2008 - 09:15

Neptune awarded $15m worth of projects

10/11/2008 - 09:15


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Neptune Marine Services has been awarded two repair projects in the Gulf of Mexico worth almost $15 million.

Neptune Marine Services has been awarded two repair projects in the Gulf of Mexico worth almost $15 million.


Full announcement below:

Neptune wins $14m NEPSYS® projects in the Gulf of Mexico

Perth, Western Australia: Leading engineering services company, Neptune Marine Services Limited (ASX:NMS) announces that its wholly owned subsidiary, US Underwater Services LP, has been awarded two NEPSYS® repair projects in the Gulf of Mexico worth US$10 million (AUD$14.65m).

The combined scope of works comprises a repair to an oil platform jacket leg and repair of a column-to-mat connection on a cantilever mat rig for clients who are recognised as major operators in the international oil and gas industry.

On the jacket leg, the NEPSYS® team will remove three 'X' braces located between +10 and -130 feet of water. Replacement braces will be wet welded on the scalloped sleeves before three NEPSYS® welds will be directly applied to the high strength steel at the nodes.

Project duration is expected to be in the order of 60 days of 24 hour operations (excluding potential weather delays) utilising a team of 10 welder/divers, 12 construction/inspection divers and tenders, two dive supervisors and 1 project superintendent.

A smaller team of approximately 10 will undertake the work on the column-to-mat connection repair that is expected to take approximately 10-14 days to complete.

NEPSYS® US Operations Manager, Richard Campbell, said the project awards emphasised the company's ability to provide inspection, repair and maintenance (IRM) solutions that could be customised to meet specific client requirements.

Neptune's Managing Director and CEO, Christian Lange, said the projects were indicative of the significant interest that the NEPSYS® technology was generating globally.

"Having been successfully applied to projects in the major geographic regions of Australia, Asia, North America and Europe, the cost effectiveness, permanency and ultimate quality of the NEPSYS® solution has resulted in a solid pipeline of international proposals and tenders, such as those evidenced in these latest projects," he said.

"The proven ability of the technology to provide an independently approved repair or refurbishment solution with significant time and cost savings is a major consideration for operators in the oil and gas industry, particularly in times of economic uncertainty.

"Encouragingly for Neptune, the current high level of activity within the NEPSYS® business unit is reflected across the group that is not witnessing any downturn in light of current market conditions. With a robust program of bidding opportunities, Neptune remains focused on building on our strong first quarter," he added.


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