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Neptune Marine Services signs LOI for $4.5m vessel charter

Posted on 12.06.2008 - 12:00 EDT in CONTRACT AWARDS by Rons_ROV_Links

Neptune Marine Services signs LOI for $4.5m vessel charterLeading engineering services company Neptune Marine Services Limited has signed a letter of intent (LOI) for the charter of its newly acquired DP1 capable construction support vessel, the MV Neptune ROV Supporter.

Valued at AUD$4.5 million, the project involves pipeline survey and general construction support activities in South East Asia for a major international oil and gas EPIC (Engineering, Procurement, Installation and Commissioning) contractor based in Singapore.

It also represents the integration of Neptune's new vessel supply and ROV (remotely operated vehicle) operations into a package that will be tailored to meet the specific requirements of the project. All ROV support works will be carried out using Neptune's new Swift XL Work Class ROV system that will be permanently fitted to the vessel.

Scheduled for early August, the initial charter is 120 days, however there is strong potential for further extension.

Managing Director and CEO of Neptune Marine, Christian Lange, said the LOI was indicative of the vital role that vessel access had to play in the delivery of the company's integrated services model. "It confirms that our vessel supply and ROV strategies will be major growth drivers for the company into the future as the demand for these services continues to outstrip supply," he explained. "Projects of this nature are a better reflection of the type of work that Neptune is now securing - they are much greater in scope and value and they deliver stable, recurring revenue over longer time frames. "Complementing this is our pipeline of future project opportunities that is at a record level as the awareness of and demand for Neptune's integrated services increases across the oil and gas market."

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