Neptune stakes claim in oil and gas sector

Underwater welding technology firm Neptune Marine Services Ltd has secured a fuel line repair contract in the Cocos Islands.

The contract – awarded by a leading oil, gas, energy and shipping multinational – delivers the company its breakthrough into the oil and gas repair and maintenance market.

Neptune Services executive director Clive Langley said the company’s technology had significant potential for this sector and was targeted as a future cornerstone business in its prospectus.

“The contract also represents a preliminary return on the efforts of Neptune Marine in pursuing the petroleum sector under a growth strategy to globally commercialise our technology,” he said.

“In securing this initial contract, Neptune has been able to demonstrate the practical application of our technology, as well as the versatility of the Neptune system to be customised to accommodate unique project requirements.”

Work on the Cocos Island project has commenced this week and will take five to seven days to complete.

The task involves repairing a 10-centimetre diameter, stainless steel subsea pipe positioned between six and 10 metres underwater. Neptune Marine has reconfigured its weld housing system to accommodate the pipe’s flange and joint configuration.

Mr Langley said Neptune Marine had mobilised a project team of two divers, technical and supervisory personnel to the Cocos Islands to fulfil the contract.

Neptune’s prime objective is to commercialise its Neptune Dry Underwater Welding System, a patented underwater welding technology.

The system involves fastening a pressurised dry welding chamber to the parent material (for example pipeline, ship hull) and the injection of superheated inert gas to provide an ideal atmosphere for welding.

In November, Neptune Marine Services secured a major upgrade in an existing contract to repair infrastructure at Cullen Bay Marina in Darwin.

The initial contract, awarded in July 2004, was to repair lock gates at the marina, which generated more than $400,000 in revenue. A repeat contract was announced in September 2005 to perform further repair work. 

Neptune Marine listed on the Australian Stock Exchange in April 2004.