Hallin Marine, the AIM quoted provider of subsea solutions and manufacturer to the oil and gas industry, declares the completion of the sale of one of its existing saturation diving systems for US$7.5 million net to a US based company.

The saturation diving system, Sat 05, was built in 2005 and is sold with an associated air diving spread. It is a 12-man system complete with three man bell and Hallin has taken opportunity to sell the system immediately on completion of the existing project on which it is deployed.

A saturation diving system sale was planned for 2008 and the replacement, Sat 09, is already under construction at the Company’s manufacturing facility in Singapore and is due for completion during the first quarter of 2009.

John Giddens, Chief Executive of Hallin Marine, said, “We are pleased to announce the profitable sale of the HMS Sat 05 system, one of the Hallin standardised twelve-man sat system.

“As well as being an excellent deal for both the Company and the client, it achieves our aim of operating the most modern standardised fleet of purpose built diving systems. This is the second system which Hallin has sold to USA based companies.”

Tags: Hallin Marine