Quayle Munro Limited is pleased to announce that it has advised the shareholders of Submersible Technology Services (Holdings) Limited (“STS”) on its sale today to Neptune Marine Services Ltd (“Neptune”).

STS is a specialist contracting company to the offshore oil and gas industry.   It owns and operates a fleet of remotely operated vehicles (ROVs) providing specialist subsea services to substantial oilfield engineering services businesses and oil majors. Based in Aberdeen, STS supports clients across the world including Europe, the Middle East and South East Asia.   In its last reported financial period from 16 April 2008 to 31 December 2008, STS generated pre-tax profits of £2.6 million.

Under the terms of the acquisition, Neptune, one of Australia’s leading providers of integrated solutions to the international oil and gas, marine and renewable energy industries, acquired the entire issued capital of STS for £16 million (plus an adjustment for working capital less debt at completion of the acquisition) with an additional conditional consideration based on STS’s EBITDA performance for the calendar year 2009. 

For further information:

Colin La Fontaine Jackson/Rob Cormie, Quayle Munro Limited    020 7907 4200

John Kiely/Andrew Wilde, Smithfield:                   020 7360 4900

Notes to Editors:

Quayle Munro (www.quaylemunro.com) is an AIM-listed independent merchant bank, active in corporate finance (including equity and debt advisory), public finance, specialist fund management and investment on its own account.  The Group was co-founded in 1983 by its present Chairman, Ian Quayle Jones, and listed on the London Stock Exchange via an Introduction in 1993, transferring to AIM in 2003. Quayle Munro has offices in London, Edinburgh and New York. 

STS (www.stsrov.com)    Founded in 1978, STS operates of a fleet of remotely operated vehicles (ROV’s) providing support services principally to the offshore oil and gas industry in: exploration drilling; pipeline and cable survey and inspection; subsea construction; and platform inspection and maintenance.   STS provides a high quality, fully integrated ROV service to its customers, which include both oil majors and oil service companies.   At the core of the service lies the expertise of long-serving personnel with a wealth of experience, many having worked in the industry for over 20 years.   STS is headquartered in Aberdeen and has offices in Singapore and Bahrain.

Neptune (ASX:NMS) (www.neptunems.com) is one of Australia’s leading providers of integrated solutions to the international oil and gas, marine and renewable energy industries. The company employs more than 600 people in Australia, the UK, USA and Asia and provides a full suite of innovative services including subsea and pipeline engineering; commercial diving; specialist fabrication; inspection, repair and maintenance; pipeline stabilisation and protection; ROV and vessel supply; hydrographic surveying and geophysical services; project management; rope access and tension netting IRM; and the patented NEPSYS® dry underwater welding technology.