Perth-based Neptune Marine Services Limited has won the Exportential Cup 2005 for its underwater dry weld system.
Perth-based Neptune Marine Services Limited has won the Exportential Cup 2005 for its underwater dry weld system.
The Exportential Cup is an annual award given by the American Chamber of Commerce to a member company adjudged to have the best export potential for its products and services.
ASX-listed Neptune Marine won the award in a field of more than 50 competitors.
The award was presented to Neptune’s executive director and underwater dry weld system inventor, Clive Langley, at the American Independence Day Ball earlier this month.
Neptune’s managing director Andrew Harrison said the benefits of winning the Exportential Cup included the increased exposure, the networking opportunities, and the prestige.
While revenue opportunities are available in Australia, Mr Harrison said the company would extend its focus to international markets during the next 12 months to countries in Middle East and Europe, and the US.
“We are also working on at an 11-country licensing deal throughout Asia and we will start to win work there shortly,” he said. “The companies provide access to their customers, the contracting and logistics, and we provide them with the training and intellectual property.”
The system, created in 1999, allows permanent in-situ weld repairs to be performed underwater at a fraction of the cost of conventional permanent repair methods.
The system has undergone inde-pendent laboratory tests confirming that the weld quality is equal to or better to a dry workshop weld.
It has been applied in the key markets of shipping, defence, and onshore infrastructure.
Neptune Marine Services Limited was incorporated in 2003 and listed on the ASX in April 2004 to take the technology world-wide.
The technology recently received its Australian patent and has international patents in the US and Europe pending.
One of Neptune’s latest contracts is for repairs to a Liberian-registered bulk coal carrier, sailing under American Bureau of Shipping class.
Neptune is contracting directly with the vessel’s UK ship management company to complete the repair in Mackay, Queensland.
Mr Harrison said he expected the company’s first year of turnover to be about $1 million.
