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    Hallin Marine signs US$23 million contract for new subsea vessel

    Vessel & ROV News // May 8, 2006

    Hallin's new subsea vessel Ullswater.

    Ullswater will be built by Pan-United in Singapore.

    Hallin Marine in Singapore has signed a contract for the construction of a 78m DP2 subsea operations vessel.

    The order confirms Hallin’s stated intention to own its own operating vessel and is seen by the board as a logical step in growing the company’s operating margins and ensuring continuity of vessel supply.

    The build contract has been awarded to Singapore based Pan-United Marine Limited for up to US$22.6 million, depending upon the final options agreed.

    In addition a further US$3 million will be invested in a state-of-the-art SAT system incorporating an advanced self propelled hyperbaric rescue chamber for exclusive use with the vessel and a suitably sized crane will also be added.

    The vessel, to be named SOV Ullswater, will be built to Hallin’s own design and specification and is scheduled to be delivered to Hallin in the final quarter of 2008.

    Hallin presently operates marine vessels and currently has Toisa Voyager and the Sanko Angel under long-term charters.

    The cost will be 80 per cent financed through debt with the remainder from the company’s cash reserves. Last month Hallin completed a placing which raised £6.9 million; the funds will be primarily used to invest in additional plant and equipment to take advantage of the continued high demand for the Group’s services.

    John Giddens, Chief Executive of Hallin Marine, said: “The purchase of our own vessel, specifically designed for subsea operations, is a transforming event for Hallin. It will enable us to significantly increase our profit margins on a significant number of the contracts we carry out each year. It will also give us greater flexibility and the ability to offer clients a more complete product."

    “We have worked closely with Pan-United in the run-up to the award of this contract to develop the vessel that we need at the right price. Pan-United have a sound reputation for quality and delivery on time and we will continue to work closely with Pan-United during the build of SOV Ullswater.”


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