16/11/2011 - 13:52

Neptune enters alliance for Hess contract

16/11/2011 - 13:52

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Neptune enters alliance for Hess contract

Neptune Marine Services has formed a strategic alliance to undertake a $14.5 million geotechnical and geophysical surveying contract for Hess Exploration Australia at the Equus gas field on the North West Shelf.

Neptune said it had formed a strategic alliance with privately-owned Greatship Subsea Solutions Australia to complete the project.

Neptune’s share of the contract is around $7.35 million.

Chief executive Robin King said the contract represented an exciting opportunity that reflected its strategy for growth..

“We recently outlined that FY2012 will see a key emphasis on developing alliances with related service providers in our key geographical regions,” Mr King said in a statement.

“This project is an example of one such collaboration, through which we see long-term potential.

“The project is also reflective of the growing activity on the North West Shelf and Neptune continues to secure contracts in this region.”

At close of trade today Neptune Stocks had lost 3.2 per cent, to trade at 3 cents.

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