Tuesday 28 July 2009

Hallin Marine lands US$6.5 vessel deal

UK based provider of subsea solutions to the oil and gas industry Hallin Marine Subsea International plc (AIM: HMS) said it was able to secure a deal for its Sanko Angel vessel to provide support and services for a major oil and gas operator.


The Sanko Angel will provide offshore construction support to the operator’s oil and gas platforms and subsea infrastructure. Among other things, the 76 metre vessel will also be providing accommodation support to the client’s offshore crew, while Hallin’s own divers, engineers and technicians will undertake various tasks including saturation diving and Remote Operate Vehicle (ROV) services from the vessel.


"We are pleased to be able to announce this contract award with a major oil & gas operator and look forward to providing a professional solution for the offshore operations,” said Managing Director of Hallin Marine’s Eastern Division Jon Attenburrow.


The contract, worth USD 6.5 million plus additional service options, calls for an immediate start and will run well into Q4 2009.


Hallin Marine recently lost almost a quarter of its value following a year on year decline in margins for H1 2009.


The company was up 5% on today’s news, surging to 105p per share.


www.proactiveinvestors.co.uk

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