The company has placed orders with SMD Hydrovision, based in Newcastle, for two of its Quantum heavy duty construction class hydraulic ROV systems and has options for two of its Quark general purpose work class hydraulic ROV systems.
The total order has a value in the region of £6.5million pounds and is being funded by a combination of a hire purchase agreement and retained profits.
Until now Hallin has relied on sub-contractors for its limited provision and operation of ROVs. The ROVs will be operated and managed through its new wholly owned Aberdeen-based subsidiary, Hallin Marine UK Ltd.
The subsidiary was formed recently to exploit opportunities in the North Sea.
John Giddens, Chief Executive of Hallin, believes the time is right to enter the market:"This is a logical step forward for the company as we continue to grow Hallin Marine on a number of fronts. We are buying state of the art machines ideal for the inspection, maintenance and decommissioning work which will represent the great majority of future projects in the North Sea."
"Our conversations with potential customers working in the North Sea and elsewhere indicate a high level of demand and a strong interest in working with a professional company like Hallin - confirming our strong belief that the time is right to enter the ROV Market," he concluded.
February 24, 2006
Offshore Shipping Online