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    Marco Polo Marine to build DP2 subsea vessel for Hallin Marine

    Vessel & ROV News // October 8, 2008

    Marco Polo Marine Ltd in Singapore has announced that it has, via its wholly-owned subsidiary, Bina Marine Pte Ltd, secured a S$74.5 million contract to build an 80m DP2 subsea operations vessel for Hallin Marine Subsea International Plc.

    The contract sum includes the procurement of saturation diving system and crane from Hallin Marine at an aggregate value of approximately S$20.0 million.

    The contract marks a new milestone for the Group as it progresses to build higher value and more sophisticated vessels.

    To be named Coniston, the vessel is described as being "based on industry leading concepts and designs." Coniston will be fitted with a DP2 system with Voith Schneider thrusters, an integral saturation diving system, a 50-tonne active heave compensated 1,500m depth-rated subsea crane and a fuel efficient diesel electric propulsion system.

    The vessel will also be able to operate in deepwater, deploy ROVs, and accommodate up to 120 personnel.

    The vessel is scheduled for delivery in the fourth quarter 2010.

    Commenting on securing the contract, Sean Lee, CEO of the Group said: "We are indeed very pleased to have been awarded the contract from Hallin Marine to build this sophisticated subsea operations vessel. It endorses Hallin Marine’s trust in our team and confidence in our capabilities in meeting their stringent requirements. We certainly look forward to building a long-term relationship with them.”

    “From building tugs and barges at the beginning, winning this high value contract further exemplifies the Group’s transformation and strategy to move up the value-chain by targeting to construct more highly sophisticated vessels,” added Mr Lee.

    John Giddens, CEO of Hallin Marine, said: "We are confident that Bina Marine will build and deliver us an excellent, cost effective vessel ideally suited to our existing and future needs.”

    The contract brings Marco Polo Marine’s total order book to S$113.1 million till date.

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