Neptune Confirms Robin King as Chief Executive Officer

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Neptune is pleased to announce that Robin King has been appointed Chief Executive Officer.

Mr King was Neptune's Acting CEO from November 2010 and his permanent appointment represents a mandate to finalise implementation of the restructure plans previously presented to the market.

Mr King has almost 30 years experience in the international oil and gas industry and was most recently CEO of Technip Subsea 7 Asia Pacific before joining Neptune in September 2010.

Neptune chairman Ross Kennan said Mr King's extensive managerial experience and knowledge of the international oil and gas industry has been pivotal in Neptune's restructuring efforts - including the $65 million equity capital raising, completed in March - and the Board was delighted to appoint him as CEO.

"Robin's dedication to the Company and the significant progress he has achieved in delivering on our turnaround strategy has left Neptune better placed to deliver on its primary objective of restoring profitability and shareholder value," Mr Kennan said.

"The confirmation of Robin as CEO is a major step in ensuring Neptune is well positioned to move forward with confidence into the future."

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