Neptune Awarded Geophysical and Geotechnical Contract

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Neptune Marine Services Ltd (ASX: NMS) today announced that it has been contracted by Hess Exploration Australia Pty Limited for the provision of geotechnical and geophysical surveys for the Equus Gas Fields Development Project, located 180km north of Exmouth on the North West Shelf of Western Australia.


Neptune has formed a strategic alliance with Greatship Subsea Solutions Australia Pty Ltd to complete the project. The alliance combines the capabilities and resources of both companies to provide clients with a complete geotechnical and geophysical solution in both shallow and deep waters.


The total contract is estimated to be $14.5 million and is expected to commence late November 2011 for a duration of 75 days. Neptune’s share of the expected contract revenue is approximately $7.35 million.


Neptune’s CEO, Robin King, said the contract, which is the first Neptune will complete for Hess Exploration Australia Pty Ltd, represents an exciting opportunity that is reflective of Neptune’s focus on forming strategic alliances with key service providers to enhance our service capabilities.


“As part of our strategy for growth, we recently outlined that FY2012 will see a key emphasis on developing alliances with related service providers in our key geographical regions. This project is an example of one such collaboration, through which we see long-term potential.”


“The project is also reflective of the growing activity on the North West Shelf and Neptune continues to secure contracts in this region. Neptune’s recently opened Dampier service facility, further enables Neptune to provide its range of solutions to clients in this important area.”

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