Bombed-out Global Marine Energy has clinched a $3.2 million crane order from China Oilfield Services.

AIM-quoted Global Marine, floated as oil services group MOS International at 4p in 2001 by broker Seymour Pierce and painfully restructured late last year, says its US subsidiary Patriot Mechanical Handling has received a lucrative early order worth nearly £2 million. The order is for five marine deck cranes, four 'PC4500 50-ton units' and a ‘PC3000 40-ton unit’, together with training and commissioning of the equipment, to be delivered in the third quarter of this year.

Chairman Philip Wood says 'this new order reinforces our strategy of targeting new markets in growth territories'. The company, which raised £4.75 million at a distressed 0.17p last November, lost £2.6 million in the year to last March and reported a £480,000 deficit in the half year to September.

After a 100-1 consolidation, Global Marine shares now trade at 22p, equivalent to 0.22p before the restructuring. Wood is hopeful that orders from China will revive prospects.

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