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Hallin Marine to support BPâ€™s drilling programme in the Caspian Sea

16 September 2009 12:51 (UTC +04:00)

Baku. Rashad Suleymanov â€“ APA-Economics. Hallin Marine, the AIM quoted subsea engineering group that works in the oil and gas industry, has been awarded a five year contract by Dalgidj Private Company for remote operating vehicle (ROV) drilling support services in the Caspian Sea, off the coast of Azerbaijan.

The contract is scheduled to kick off in late October this year and will support BP’s drilling programme from fixed platforms in the Caspian Sea.

The contract is split into two parts. For the first two years Hallin will provide two of its Quasar Compact ROVs, complete with specialised tooling and operational personnel, to Dalgidj PC, the Azeri company.

At the end of two years, Hallin will sell the two ROVs at a price already agreed to Dalgidj PC and continue to give technical and project support from onshore Baku, Azerbaijan for a further three years.

The total package of work, including the proceeds from the sale of the ROVs, which at the time of the sale will be five years old, is in excess of US$20 million.

Hallin’s forward order book, including this contract, now stands at a figure in excess of US$75 million.