Neptune scores contracts worth over $5m

Engineering services company Neptune Marine Services Ltd, through its subsidiary, Link Weld Engineering, has
been awarded two fabrication contracts, one with Apache Energy Ltd, collectively worth more than $5 million.

The first project involves the fabrication of four riser bases and one Pipeline End Terminal (PLET) structure for the Van Gogh oil field development (offshore Western Australia) operated by global exploration and production company, Apache Energy Limited.

The second project involves the fabrication, coating, inspection, testing and supply of a pipe spool package for the Ambatovy nickel project in Madagascar.

Neptune's Managing Director and CEO, Christian Lange, said the contract awards were indicative of Link Weld's operational capabilities.

"Link Weld's reputation for quality, innovation and experience, combined with its extensive workshop facilities, provides the type of comprehensive service that is demanded by operators in resource industries," he said.

"Having established a very strong relationship with Apache, we are delighted to be working with them again on the Van Gogh project, strengthening our partnership as they continue to expand their exploration and production efforts in Australia.

"Similarly, we relish the opportunity to undertake work for the industry in Madagascar as we progress our international profile." These latest projects further emphasise the strong organic growth currently being experienced across the Neptune Marine group of companies.

"Our customers are starting to engage us on larger scale, higher value projects in line with our expanding suite of capabilities and increased market presence," Mr Lange suggested.

"As a result, our pipeline of future opportunities continues to grow through a combination of new contracts under consideration and extensions to current projects."

"Helping drive this growth," he added, "is the buoyancy in the international oil and gas market that is both experiencing and forecasting record levels of exploration and development activity to meet growing worldwide demand. As a result, Neptune is perfectly placed to capitalise on the increased spending forecast by EPIC contractors and producers."