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http://www.subseaworld.com/company/neptune-acquires-second-support-vessel-02121.html


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Neptune acquires second support vessel
2008.05.21 - Company News


Leading engineering services company, Neptune Marine Services Ltd (ASX: NMS) has signed a memorandum of agreement (MOA) with Singapore based Nor Supply Pte Ltd for the acquisition of the vessel, Nor Sea.

Built in April 2005, the 70.05 metre dynamically positioned Nor Sea (American Bureau of Shipping class DP2) is a specialist anchor handling, towing and supply (AHTS) vessel featuring 5506 BHP, FiFi Class one capability and accommodation for 42 that adheres to Australian standards.

Neptune has agreed to acquire the vessel at a cost of USD$30 million (AUD$31.3 million). The acquisition is conditional upon Neptune raising sufficient funds to complete the purchase within 90 days. Delivery of the vessel is expected shortly after finance has been obtained. Managing Director and CEO of Neptune Marine, Christian Lange, said the Nor Sea was a natural extension to the company’s portfolio that would result in improved delivery of its integrated services.

“The vessel is also an intrinsic component in the progression of Neptune’s business strategy of acquiring assets, technologies and expertise that seamlessly add value to our unique integrated subsea services model,” he added.

Well known to Australian operators, the Nor Sea will be applied to ROV, survey and light construction support works throughout the Australasian region. The vessel will be permanently fitted with a 135HP Swift XL Free Swim Construction Support ROV system and associated hydrographic survey system. Survey support will be provided by Neptune subsidiary, Tri-Surv Geomatics.

“The ROV will be installed on the purpose built mezzanine deck that extends the capabilities of the vessel further as the configuration allows for a number of different operations to be carried out simultaneously, the result of which is time and cost savings for clients,” Mr Lange explained.

While the Nor Sea will predominantly service the Australian market, Mr Lange said it will also provide support to the South East Asian market in conjunction with Neptune’s existing IRM support vessel, the MRV ROV Supplier, that will predominantly operate in Asia, due to be delivered on 4 June 2008.

Arrangements for the fit out and delivery of the vessel will be supervised by Neptune’s ROV and Vessel Manager, Joel Weston.