“Neptune has recently advised that it is starting to see the emergence of longer term serviced based contracts that deliver recurring and stable revenue streams. This agreement with Shell is evidence of the type of contracts we are actively pursuing,” said Christian Lange, managing director and chief executive officer of Neptune Marine Services.
Meanwhile, Neptune Marine Services’ Aberdeen based fabrication division, Neptune Deeptech, has been awarded a contract from GE Oil & Gas for the provision of five subsea tree frames that will be installed on the deepwater Kizomba Satellites project, offshore Angola. The Kizomba Satellites project is operated by Esso Exploration Angola (Block 15) Limited, a subsidiary of Exxon Mobil Corporation.
Under the terms of the agreement Neptune Deeptech will provide the tree frames over a period of nine months. All fabrication work for the project will be carried out at the company’s Aberdeen facilities.
“Recent industry research suggests global expenditure across the world’s major deepwater precincts will be more than $27 billion a year over the next four years,” he explained. “Leading the charge will be Africa that is tipped to account for 40% of the total global spend.
“Projects such as this one will help to establish Neptune as a trusted provider of engineered solutions to the deepwater oil and gas industry and will provide us with additional opportunities for international expansion,” he added.
