Neptune extends work scope on Gorgon; secures $12m in new projects

Archive

Neptune Marine Services Ltd (ASX: NMS) today announced that it has been contracted by Boskalis Australia to provide a range of diving support services on the Gorgon Project in Western Australia. Additional to the Gorgon works announced in January of this year, the latest contract comprises the provision of diving equipment and personnel to the port construction works being undertaken by Boskalis.

Neptune’s Managing Director and CEO, Christian Lange, said the company was very pleased to continue its involvement in Australia’s largest resources development project. “Our involvement in the Gorgon Project is consistent with our focus on securing longer term contracts that provide Neptune with more predictable and stable revenue streams,” he explained.

The Gorgon Project is operated by an Australian subsidiary of Chevron and is a joint venture of the Australian subsidiaries of Chevron (approximately 47 percent), ExxonMobil (25 percent) and Shell (25 percent), Osaka Gas (1.25 percent), Tokyo Gas (one percent) and Chubu Electric Power (0.417 percent).

Internationally, Neptune has also recently secured a range of new projects involving a number of its specialist divisions. Valued at approximately $12 million, the new works include:

  • Inspection and scheduled maintenance services for ConocoPhillips and Woodside in Australia.
  • Engineering and manufacture of subsea equipment for GE Oil & Gas and BP in the UK.
  • A range of survey, positioning, geophysical support and pipeline stabilisation services in Australasia.

“This latest round of work confirms the steady recovery and long term growth opportunities that exist in the Australian oil and gas industry, and particularly Western Australia,” Mr Lange said.

“Internationally, our US business is showing positive signs of recovery, albeit a little slower than anticipated, as dictated by the recovery of the broader US economy. Our UK and Asian businesses continue to perform consistently in line with increasing industry demand for and associated expenditure on offshore operations and maintenance, subsea IRM and ROV services, while our successful entry into Qatar holds the potential for significant longer term opportunities.”

Mr Lange said Neptune’s proven ability to partner with some of the world’s leading blue chip oil and gas companies and contractors, both in Australia and internationally, also provided additional scope for growth.

“Concurrently we continue to tender aggressively on a range of international projects and we look forward to updating our shareholders on these developments as they come to hand,” he added.

Category: Archive