- Provides scope for ongoing work as Gorgon development progresses
- LNG projects in Australia and Qatar offer significant upside for NMS
- Activity in offshore markets increasing – Neptune has secured approximately $50 million of new works in first half of FY2010
Neptune Marine Services Ltd (ASX: NMS) today announced that it has been contracted to provide diving, survey and vessel support services on Chevron Australia’s Gorgon LNG project in Western Australia. Valued at more than $5 million , the comprehensive work scope which forms part of the ‘Gorgon Initial Works’ program awarded to Marine & Civil Construction Pty Ltd includes:
- Installation of piping and the offshore pump station associated with the temporary desalination plant at Barrow Island.
- Diving support for the construction of a new supply barge facility.
- The provision of:
- Construction support (third party) and dive support (Neptune) vessels and associated crews.
- Offshore diving systems and associated personnel.
- Hydrographic/marine survey equipment and associated personnel.
- An offshore construction supervisor to oversee operations onboard the Marine & Civil construction barge.
Neptune’s Managing Director and CEO, Christian Lange, said the initial scope of work was very encouraging and offered the potential for further opportunities on what is Australia’s largest resources development project.
"Neptune is delighted to be involved with the Gorgon project and we see significant opportunity to expand our role as the project progresses," he said. "Our participation in Gorgon further illustrates the tangible benefits accruing from our strategy of providing a broad range of engineering and offshore services. It also highlights the fact that our customers are recognising the value of Neptune’s unique multi service offering.
"The broad range of works we are initially providing bodes well for Neptune’s involvement in the numerous LNG projects that are earmarked for development in Australia between 2010 and 2012. Our recently announced project with Qatargas is indicative of the strong presence that we are forging in the LNG market."
Mr. Lange said activity in all key offshore markets continued to improve and, in line with this, Neptune was maintaining a strong pipeline of bidding opportunities as well as a range of other growth prospects that were actively being pursued.
Work on the Gorgon project will commence in January 2010 and will contribute to revenue and earnings in the second half of FY2010.