Hallin Marine, the AIM quoted provider of subsea solutions to the oil and gas industry, announces that it has opened an office in Perth and won its first Australian contract.
Hallin Marine Australia Pty Ltd ('Hallin Marine Australia') has been established as a wholly-owned subsidiary and registered in Australia to offer marine and subsea services in Australia.
The office is located in St Georges Terrace, Perth, with Australian strategic partners Land Marine and Technology Systems Pty Ltd ('LMTS'), who are an established provider of offshore and subsea engineering solutions in the country.
Australia has huge subsea reserves of both oil and gas and has further, major development plans for offshore fields in the North West shelf and Bass Straits, where there is, the Company believes, great potential for the type of services Hallin and LMTS offers.
Hallin Marine Australia has been awarded the US$4.6 million contract for the provision of the subsea operations vessel the Seacor Penrith and onboard marine management to support seabed coring activities off the Bass Strait, Australia (the 'Contract').
Hallin was awarded the contract by the Australian based specialist drilling company Benthic Geotech. Hallin will take delivery of the Seacor Penrith in the second quarter of 2008 in Singapore. The new-build vessel will then commence the Contract, which will run through to August 2008 with potential to extend.
Hallin has signed a three year charter on the vessel, which has on board accommodation for 52 personnel and is fitted with a 20T SWL active heave compensated subsea crane.
The technically advanced Seacor Penrith will strengthen Hallin's capabilities and provide another platform from which the Company can carry out offshore construction, inspection, repairs and maintenance of new and existing oil and gas fields.
The charter of the Seacor Penrith is in line with Hallin's stated strategy of operating a mix of owned, long-term charter and short-term charter vessels.
Jon Attenburrow, Managing Director of Hallin Marine Eastern Group, said: 'We are pleased to have opened the doors for business in Australia and to have been awarded our first contract in the area, which will be ideal for our new vessel. We have taken care and time in choosing the right partners to work with in Australia in LMTS. Hallin Marine's fleet of new subsea support vessels, Classed Saturation Diving Systems and ROV systems are ideally suited for Australian clients and conditions.'
Stephen Graham, Managing Director of Land and Marine Technology Systems Pty Ltd and Operations Director of Hallin Marine Australia Pty Ltd said: 'We are very pleased to have established the agreement with Hallin Marine and our engineering and project management services complement Hallin's capabilities and feel combined we will offer the right solutions for the Australian market.'