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    Hallin Marine secures first Gulf of Mexico contract

    News // March 16, 2006

    Hallin Marine, the AIM quoted provider of subsea solutions to the oil and gas industry, has signed an agreement with an unnamed†offshore contractor†for work in the Gulf of Mexico.

    The US$16.4 million contract is for an initial 12 month period with an option for a further year valued at US $13.9 and is the largest contract ever won by the company.†

    Under the terms of the contract Hallin will supply technical support as well as a†DP vessel and subsea intervention equipment, consisting of a 200m-rated Saturation Diving System and Air Spread Diving System.

    The equipment will be operated from the vessel Toisa Voyager which Hallin has chartered from Sealion Shipping for the duration of the contract.

    This sophisticated DP vessel is currently being completed at Wuhu Yard in China and will be taken on charter by Hallin Marine in Singapore in May 2006 prior to mobilisation to the Gulf of Mexico.

    The contract is to support the US companyís construction work in the Gulf of Mexico region. The vessel and equipment will be managed and mobilised from Singapore in June 2006 and work is expected to commence in July 2006. Hallin has traditionally been strong in the South East Asia, India and China and this contract is Hallinís first in the Gulf of Mexico.

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