Global Marine Energy.

New2stks

This RNS on the Keppel Fels order is a good indicator of how things are likely to develop over the next 12 - 24mths.

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Global Marine Energy plc

PMH wins US$800,000 Keppel Fels Order

Global Marine Energy plc, ('GME'), the oilfield services business, announces that its US-based subsidiary, Patriot Mechanical Handling Inc, ('PMH') has been awarded a contract to supply three BOP Handling Systems to Keppel Fels Ltd.,Singapore.

The systems are to be installed on the new build projects B269, B277 & B285 Awlico Drilling and SeaDrill Jack Ups. The value of the order is in excess of US$800,000.

Paul Findlay, President and CEO of PMH, commented:

'This order strengthens an already solid relationship with one of the largest rig builders in the world. We expect to secure further orders from Singapore and throughout Asia in the future and have therefore appointed a regional manager, Mr. Craig Clarke, to head up our operations in Asia.'

Philip Wood, Chairman, Global Marine Energy stated:

'We have an excellent relation with Keppel Fels and we look to build upon this.We now have the funding in place to drive the business forward and I am optimistic about the future performance of the business. Both subsidiaries, Patriot and NIM, are performing well.'

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Above Definitions:
Blowout preventer (BOP) – the equipment installed at the wellhead to control pressures in the annular space between the casing and drill pipe or tubing during drilling, completion, and workover operations. See also Christmas tree.

Christmas tree – the assembly of valves, pipes, and fittings used to control the flow of oil and gas from a well.

ABOUT SEADRILL

Seadrill charter drilling rigs to the likes of Shell, only incorporated in May 2005, The B285 BOP is for a a rig due to be delivered by Keppel Fels to Seadrill in Q1 2006. The good news is that Seadrill have a further three jack up rigs on order with Keppel all for delivery in Q3/Q4 2007, so we can expect more BOP sales.



ABOUT AWLICO DRILLING

There is a spelling mistake...it should be Awilco.
The B269 and B277 BOPs are going to Awilco. Awilco have some big orders with Keppel and PPL for delivery 2007 and 2008.
But I think B269 and B277 are for delivery in 2006.
"Awilco Offshore now has five ultra premium jackup drilling rigs under construction (as at Oct 2005) with options to build another three units."




From above RNS....Woods said....

"..Both subsidiaries, Patriot and NIM, are performing well...'

I translate that to mean don't expect any surprises in the interims on Dec 28th. So I'm expecting at least £4m.