Neptune Marine Services Ltd
(ASX:NMS) has been awarded a major subsea inspection contract from Qatargas Operating Company, producer of liquefied natural gas in Qatar.
Neptune says the three year multi-million dollar contract involves the inspection of Qatargas platforms, offshore pipelines and subsea connection facilities located within the Arabian Gulf.
CEO Christian Lange says the contract is a significant step forward in the strategic direction of the business and is the company’s first major project in the Middle East, a region it has identified as a growth market.
The project is expected to commence early in the New Year contributing further to Neptune’s revenue and earnings in the second half of fiscal 2010.
Neptune Marine Services posted a profit of $20.97 million for the 12 months to June 30, 2009.
