Hallin Marine sells saturation diving system

Hallin Marine has agreed to sell one of its saturation diving systems to a US-based contractor for $4.25 million.

Offshore staff

SINGAPORE -- Hallin Marine has agreed to sell one of its saturation diving systems to a US-based contractor for $4.25 million. The transaction is expected to be complete in Oct. 2007.

The main components of the system,Sat-04, were purchased used in 2005, and subsequently upgraded and refurbished.

Meanwhile, Hallin is building the Sat-07 at its Singapore manufacturing facility, which will be fitted into the diving vessel SOV Ullswater. An additional unit is under construction at the facility as well.

"We are delighted to announce the profitable sale of theSat-04, our only remaining nine-man saturation system," says John Giddens, chief executive of Hallin Marine. "As well as being an excellent deal for the company, it achieves our aim of operating a standardized fleet of fully classed 12-man saturation diving systems."

9/28/2007

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