Neptune Announces FY 2015 Results

ASX Announcements

PERTH, Western Australia:  Neptune Marine Services Limited (ASX: NMS, Neptune or the Company) has reported a profit from continuing operations before tax of $4.17 million for the financial year ending 31 March 2015.  The consolidated profit of Neptune for that period after income tax amounted to $2.8 million.  Revenue for the year was $135.4 million.

Some key milestones achieved during the year include:

•    12 month contract extension with Monadelphous for the Diving division, which covers marine facilities and inspection works
•    Award of framework agreement with Inpex, including an initial 40 month rig positioning and survey services contract
•    Expansion of the Company’s ROV fleet with the addition of two 150HP Triton ROVs, bringing the global fleet to 15
•    Award of 18 month rig positioning and mooring services contract for Apache Energy, which will commence in FY 2016.
•    Arrival of new-build Dryden Dive Support Vessel (DSV) into Australia and completion of four projects on the North West Shelf.

Neptune’s CEO, Mr Robin King, said “we are pleased to have maintained a profitable performance, given the tightening of the oil and gas industry generally. We have a strong financial position with higher cash balances and very little interest bearing debt for the year ahead.
Encouragingly, we secured a number of contracts across our various businesses, some of which will provide revenue for the ensuing quarters. Tendering activity remains reasonably high as we enter the 2016 financial year and we will continue our focus on costs, improving profitably and the growth of the business.”

Category: ASX Announcements