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Tuesday, 02 December, 2008, 22:10 GMT | more >>

Neptune Marine rides high



By Upstream staff 

Australian offshore engineering services outfit Neptune Marine said its first quarter revenue rose 66% year on year to A$24.5 million (US$23 million), while cash receipts of A$56.4 million in the year to date were in line with its expectations.

The company completed its acquisition of UK subsea engineering players Ross Deeptech Symons and Ross Deeptech Initiatives in the period, and also signed an agreement to buy a dive support vessel to support its remotely operated vehicle strategy.

The company said its US and UK subsidiaries earned income and won work worth a total of A$8 million.

Neptune Marine said it also continued to benefit from investment in projects in Australia’s booming oil and gas sector.

In January Perth-based Neptune Marine won a A$8 million job for US independent for platform decommissioning and pipeline repair work off Western Australia.


Thursday, 01 May, 2008, 04:30 GMT  | last updated: Thursday, 01 May, 2008, 07:27 GMT

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