RNS Number:0765Q
Hallin Marine Subsea International
15 August 2005
Monday 15th August 2005
Hallin Marine Subsea International plc
Hallin Marine Wins US$5m Order to Support Gulf of Thailand Pipeline
Hallin Marine, the AIM quoted provider of subsea solutions to the oil and gas
industry, announces that it expects to supply Diving Support Vessel services to
the PTT 3rd Pipeline Construction Project in the Gulf of Thailand. Hallin is in
receipt of a letter of intent* from Hyundai Heavy Industries ("HHI") regarding
this contract. This is in addition to Hallin's contract with HHI, signed in
July, to supply construction diving services to the same project.
The Diving Support Vessel work will take place in two phases, the first starting
in December 2005 and the second scheduled for February 2006, with a contract
value of approximately US$5 million.
The PTT 3rd Pipeline Project is a major expansion of the Thai Offshore Natural
Gas Infrastructure, which provides gas for the domestic market. A 606km
pipeline and associated offshore facilities is to be constructed from PTT's
Arthit field in the Gulf of Thailand to a landfall at Layong, south of Bangkok.
Under the two subcontracts awarded by HHI, Hallin Marine will provide all the
construction diving services from three pipelay barges as well as conducting
Saturation Diving and Hot Tapping of connections into the pipeline from the
Diving Support Vessel.
John Giddens, Chief Executive of Hallin Marine, said:
"We are extremely pleased to have been awarded this work. The Diving Support
Vessel side involves Hot Tapping and Saturation Diving services and is in
addition to the onboard barge construction diving services that we are already
contracted to supply to HHI for the PTT 3rd Pipeline Project. The winning of
these orders confirms that Hallin Marine is able to provide HHI with the
increasingly complex services they require, at competitive prices."
Enquiries:
Hallin Marine 020 7457 2020
John Giddens, Chief Executive
John Quinn, Non-Executive Director
College Hill 020 7457 2020
Ben Brewerton / Jim Joseph
A map of the planned pipeline is attached.
*It should be noted that a Letter of Intent is not contractually binding but
signifies the committed intention of both parties to enter into a contract.
Notes to Editors
Hallin Marine was formed in 1998 to provide high quality marine and underwater
services to the offshore industry, particularly in support of Oil & Gas
development. It has grown from a US$1 million turnover company in its first
year to a US$20 million turnover company in 2004. Hallin Marine was admitted to
AIM in April 2005.
The Company is an experienced provider of subsea construction and inspection
solutions. It employs experienced subsea engineering staff to manage projects
using: support vessels, saturation diving systems, air/mixed gas diving spreads
and remote operating vehicles. The Company owns all its principal equipment,
including the diving systems. Hallin's expanding operations cover the South
East Asia, India, China and Middle East regions.
Typically the work undertaken by the Group comprises the installation,
construction maintenance, repair or survey of equipment on the seabed. Most of
the projects are planned well in advance and Hallin's role is that of a key
contractor, normally working as part of a larger team. The largest projects may
take two or more years from decision to go ahead to the stage where divers
actually enter the water. Hallin provides clients with safe, professional and
cost effective solutions by combining innovative approaches and new technology
with time proven techniques.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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