Neptune Marine Services’ NEPSYS Dives to New Depths
Neptune Marine Services Limited (NMS.AX) today announced that its patented NEPSYS dry underwater welding technology has been qualified to 70 metres.
Early this year NEPSYS was qualified to 43 metres for the North Sea project Neptune are working on. NEPSYS was introduced in 2003 and qualified to 30 metres in 2006. [Updated, based on baglimit's comment]
This new qualification open up further markets for NEPSYS and the company is planning on testing to 100 metres in 2010.
According to the 2009 accounts Neptune’s Offshore Services revenue, which NEPSYS is grouped under, was $128M or 68% of overall revenue and 85% of profit. Offshore services encompasses NEPSYS, commercial diving, rope access, offshore support vessels, remotely operated vehicles, pipeline stabilisation and geophysical survey. No breakdown within the segment is provided. Thus it is difficult to know exactly how much this new qualification will add in revenue. However, it appears likely it will open new doors in regions with deeper water and clearly refutes nefarious comments about NEPSYS that have been circulating on certain discussion forums.
Christian Lange, CEO, said “the new developments would provide significant opportunities for the ongoing application of NEPSYS“.
Disclosure: Long NMS
Recent Neptune Marine Analysis by wise-owl.
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“…………clearly refutes nefarious comments about NEPSYS that have been circulating on certain discussion forums.
”
Could not have put that better myself.
Just to clarify – the 30 metre depth was approved about 2006, when nepsys was put to work in GOM following Katrina. Even on that current North Sea job, extra depth is needed to complete other stages.
This is the most significant “non price sensitive” announcement ive seen in a while. This news has positives written all over it.
Nepsys was ‘dead on the water’ 4 years ago, with no regular clients and only word of mouth passing on the advantages. Now its becoming the cornerstone of the overall offshore IRM Neptune provides.
Keep up the good work.
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