Hallin Marine wins two new contracts
Posted: 19 June 2006
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Hallin Marine, the AIM quoted provider of subsea solutions to the oil and gas industry, has won two new contracts with a combined value of a minimum of $4.3 million.
Hallin Marine has been awarded a one month contract valued at $2.5 million for diving support of a subsea pipeline installation off Thailand for local energy major PTT and a $1.8 underwater repair and maintenance contract by Premier Oil for its gas field off Indonesia.
The main contractor for the Thailand project, Hyundai Heavy Industries (HHI), awarded the contract to Hallin, which has taken the Diving Support Vessel, Gulmar Condor, on hire under a standard charter agreement to utilise it as a platform for Hallin Marines’ Saturation Diving System and Remote Operated Vehicle (“ROV”).
The contract may be extended for up to a further two months by HHI.
The second contract Hallin has secured is an Underwater Repair and Maintenance contract for Premier Oil’s Anoa Field in the Natuna Sea.
PT Hallin Marine Indonesia, Hallin’s recently established wholly-owned subsidiary, secured the base contract that is valued at US$1.8 million for the supply and operation of a DP1 Vessel, a Workclass ROV, together with intervention services with offshore works, and will start within the next few weeks.
John Giddens, Chief Executive of Hallin Marine, said:
“We are delighted with these major contract awards. These are excellent project wins in themselves and both will produce real progress, in different ways, for our company. The charter of the Gulmar Condor will strengthen our capability and the second contract win for our newly established office in Jakarta, Indonesian is a great step forward.
“The HHI contract continues to build on our strong relationship with Hyundai. The Gulmar Condor, which we are taking on charter for the Hyundai work off of Thailand, is an excellent diving support vessel ideally suited to our requirements.
“The Premier Oil contract is another success for our new Indonesian subsidiary. The works are to be carried out in Premier’s Anoa Field which are Gas producing facilities offshore in the Natuna Sea supplying Singapore via the West Natuna Transport System Pipeline.
“ Premier Oil is a highly respected oil operator and we are pleased to secure our second subsea contract with Premier and look forward to working with them once again.”
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