10/06/2008 - 09:26

Neptune subsidiary contract worth $8m

10/06/2008 - 09:26

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Perth-based engineering company Neptune Marine Services Ltd's subsidiary, Tri-Surv Geomatics, has been awarded an offshore hydrographic survey contract worth more than $8 million.

Neptune subsidiary contract worth $8m

Perth-based engineering company Neptune Marine Services Ltd's subsidiary, Tri-Surv Geomatics, has been awarded an offshore hydrographic survey contract worth more than $8 million.

The scope of the project involves geophysical and geotechnical survey works on the Ichthys Gas Field Development located offshore Western Australia in the Browse Basin, approximately 440km north of Broome.

The Ichthys Gas Field Development is operated by INPEX Browse, Ltd. a wholly owned subsidiary of Japan's INPEX Corporation.

Neptune's Managing Director and CEO, Christian Lange, said the contract award was indicative of Tri-Surv's reputable capabilities in the offshore hydrographic survey market that was currently worth more than $3 billion annually.

"Our survey business continues to be a consistent performer that is already exceeding its annualised targets," he explained.

"The quality of service provided by the business is demonstrated in its blue chip client base and we are delighted to enter into this service partnership with INPEX as we continue to build on our recent expansion and establish complementary relationships with oil and gas operators worldwide.

"This contract is the latest in a robust pipeline of opportunities that reflect the industry's growing awareness of and demand for Neptune's comprehensive suite of integrated services. It also reflects the high level of organic growth that is taking place across the group and strengthens our position further following our $4.5 million vessel and ROV
charter announced last week," he added.

Preliminary work on the project will commence immediately and is anticipated to take approximately four months to complete.

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