17/04/2008
Underwater construction, inspection and maintenance group Hallin Subsea International has clinched a £2.5 million contact with Japan’s Modec Inc.
Isle of Man-based Hallin says the contract involves providing a ‘dynamically positioned’ vessel, a saturation diving system and specialist sub-sea operators to the Rang Dong oil field block 15-2, about 140 km offshore of Vung Tau in southern Vietnam. AIM-quoted Hallin is scheduled to install the floating storage and offloading vessel, with a storage capacity of more than 350,000 barrels, in the third quarter of this year.
Shares in Hallin, recommended by Growth Company Investor at 65p three years ago, fell to 45p at the beginning of last year but have since surged to 148.5p, valuing the company at £59.4 million. Hold on.
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