Hallin Marine charters new subsea vessel

Hallin Marine says it has signed an agreement with Sanko Line of Japan to charter the newly built Sanko Angel, a DP2 subsea operations vessel.

Offshore staff

(Singapore) - Hallin Marine says it has signed an agreement with Sanko Line of Japan to charter the newly builtSanko Angel, a DP2 subsea operations vessel. The charter duration is for a one year with options for two further one-year periods.

The company will take delivery of the new vessel in Singapore in 4Q 2006, and immediately plans to install a new saturation and air diving system onboard.

Hallin says this new charter will strengthen its capabilities and provide a platform from which to carry out offshore construction, inspection, repairs and maintenance of new and existing oil and gas fields.

The company adds that timing is good given the shortage in the market of suitable specialist vessels due to continuing global requirement for subsea intervention work in the oil and gas industry.

The 76-m vessel is designed with over 700 sq m of workable deck space, and comes equipped with a marine seabed-plumbing 50-ton SWL crane and accommodation for up to 132 personnel.

The technically advancedSanko Angel will eventually replace the ageing Fu Lai that Hallin has had on long-term charter for the last two years.

John Giddens, CEO of Hallin Marine, commented, "We are pleased to have secured the charter of theSanko Angel, a highly capable asset which will complement Hallin's existing portfolio of vessels and subsea equipment. The vessel will support new projects in Asia, Europe and the US in the 2006-2007 timeframe."

02/02/06

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