Offshore staff
(Asia-Pacific, UK) - Singapore's Pan-United Marine Ltd. has won contracts to reactivate two drillships for the Scotland-based Neptune Marine Oil and Gas Ltd.
PUM says most of the work onNeptune Explorer, covering steel/pipe work, blasting, and painting will be done at its yard on Indonesia's Batam Island before it is towed to the Singapore yard for installation of drilling and marine equipment as well as tanks.
Neptune Discoverer will also undergo steel renewal and replacing of drilling and marine equipment.
The drillships would be readied in about six to 12 months for an estimated contract of $15.4 million.
"We are encouraged by the higher level of inquiries in repair and conversion, driven by the firm offshore market and infrastructure demand," says PUM executive chairman Henry Ng.
"We are also pleased to be involved again in the reactivation of drillships, after successfully completing two other similar projects, one each in 2002 and 2004," he said.
PUM has an order book of $221.8 million with work lined up to mid-2008.
Its 2005 revenue rose by 10% to $150.2 million with net profit rising by 3.6 times to $10.3 million on higher profit for ship repair.
03/01/06
