Perth, Jan 19, 2006 (ABN Newswire) - A fuel line repair contract in the Cocos Islands has been secured by listed underwater welding technologist, Neptune Marine Services Limited (ASX: NMS) to deliver the Company its breakthrough into the lucrative oil and gas repair and maintenance market.
The contract - awarded by a leading oil, gas, energy and shipping multinational - is also the first international work for the Perth-based Neptune Marine, whose advanced technology provides equivalent "dry land" welding performance "under water".
"This breakthrough into the oil and gas market is important as our technology specifically has significant potential for this sector and was targeted in our prospectus as a future cornerstone business," Neptune Services' Executive Director, Mr Clive Langley, said today.
"The contract also represents a preliminary return on the efforts of Neptune Marine in pursuing the petroleum sector under a growth strategy to globally commercialise our technology," Mr Langley said.
"In securing this initial contract, Neptune has been able to demonstrate the practical application of our technology, as well as the versatility of the Neptune system to be customised to accommodate unique project requirements."
Work on the Cocos Island project will commence next week and take 5-7 days.
The task involves repairing a 4" diameter, stainless steel subsea pipe positioned between 6 -10 metres underwater. Neptune Marine has reconfigured its weld housing system to accommodate the pipe's flange and joint configuration.
The Company's repair procedures for the project had to satisfy Australian Standards 4041 and 2885 and be ratified by an independent NATA approved testing company, as part of securing the Cocos Island contract.
Mr Langley said Neptune Marine would mobilise a project team of two divers, technical and supervisory personnel to the Cocos Islands to fulfill the contract.
The contract - awarded by a leading oil, gas, energy and shipping multinational - is also the first international work for the Perth-based Neptune Marine, whose advanced technology provides equivalent "dry land" welding performance "under water".
"This breakthrough into the oil and gas market is important as our technology specifically has significant potential for this sector and was targeted in our prospectus as a future cornerstone business," Neptune Services' Executive Director, Mr Clive Langley, said today.
"The contract also represents a preliminary return on the efforts of Neptune Marine in pursuing the petroleum sector under a growth strategy to globally commercialise our technology," Mr Langley said.
"In securing this initial contract, Neptune has been able to demonstrate the practical application of our technology, as well as the versatility of the Neptune system to be customised to accommodate unique project requirements."
Work on the Cocos Island project will commence next week and take 5-7 days.
The task involves repairing a 4" diameter, stainless steel subsea pipe positioned between 6 -10 metres underwater. Neptune Marine has reconfigured its weld housing system to accommodate the pipe's flange and joint configuration.
The Company's repair procedures for the project had to satisfy Australian Standards 4041 and 2885 and be ratified by an independent NATA approved testing company, as part of securing the Cocos Island contract.
Mr Langley said Neptune Marine would mobilise a project team of two divers, technical and supervisory personnel to the Cocos Islands to fulfill the contract.
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About Neptune Marine Services Limited
Neptune Marine Services project manages and delivers quality sub sea maintenance services to the Oil and Gas and Maritime industries. Neptune's flagship technology delivers long lasting, high quality in situ repairs to platforms, pipelines, vessels and marine infrastructure while minimising operational downtime through the only permanent, dry quality welding solution in a non-hyperbaric underwater environment.
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