Shipping Group's seismic contract opens up new markets in Brazil

Mainport, the Cork-headquartered shipping Group, this week completed the purchase of a US$6 million offshore supply vessel which will be deployed on seismic projects in Brazil at the end of this month. The contract, which will be worth US$13million million to the Group over the initial four years, is with Compagnie Generale de Geophysique (CGG), the world's market leader in seismic projects. The renamed vessel "Mainport Oak" will provide support services to large seismic vessels, while her sister-ship "Seahorse Supporter" will continue to work with CGG off the coast of India.

Dave Ronayne, Chief Executive of Mainport, commented: 'This strategic purchase has opened up new markets for us and consolidated our position with Compagnie Generale de Geophysique, a key player in several international markets. Our history to date with CGG in India and The Gulf of Arabia has been very successful and Brazil offers several new opportunities for us. The Group is in a phase of rapid growth, with an expected turnover in excess of €47 million in 2007 and several other exciting projects in the pipeline at this time."

CGG, which is headquartered in Paris, recently completed the takeover of Veritas, a major player in the US seismic market, in a US$3.1 billion transaction and now have 20 seismic vessels operating in several locations worldwide. The "Mainport Oak" will provide support services to some of these large seismic vessels on her first assignment in Brazil.

The new ship "Mainport Oak" was purchased from Seacor, the US supply ship giant, and formerly plied the waters off the coast of Ireland on offshore oil exploration programmes. Mainport's African division, Mainport Africa, is overseeing the re-fit in Capetown, under the direction of Capt. Dave Hopkins, Marine Director at Mainport.

Established in 1957, The Mainport Group is Ireland's leading ship agency, employing almost 100 people in the ship management, stevedoring, and offshore services sector in Ireland. Headquartered at Monahan Road, Cork, the Group has offices in Dublin, Limerick, Foynes, South Africa and Norway.

The Mainport Group is also involved in joint ventures with major shipping and shipping services groups in Norway (with Sartor Shipping), South Africa and other projects in the seismic support, safety-standby, salvage & wreck removal, warehousing and storage sectors.
www.mainport.ie