SOURCE: Patriot Mechanical Handling, Inc.

October 11, 2006 09:45 ET

Patriot Mechanical Handling, Inc. Announces New Mechanical Handling Package Order Totaling US$8.8 Million

HOUSTON, TX -- (MARKET WIRE) -- October 11, 2006 -- Patriot Mechanical Handling Inc. (PINKSHEETS: PMHH), a leading provider of mechanical handling solutions and services to the oil and gas industry, is pleased to announce that it has won an order totaling US$8.8 million from the Eisner Business S.A., Brazil subsidiary of Queiroz Galvão Perfurações S.A.

The US$8.8 million order from Eisner Business S.A. is for one mechanical handling rig set, comprising BOP and Subsea Tree transporters for a new build semi-submersible currently on order from Keppel FELS in Singapore.

Queiroz Galvão is a major Brazilian corporation with operations in: Construction, Real Estate Projects, Concessions, Urban Waste Disposal, Oil and Gas, Steel Industry, Finance and Farming. Queiroz Galvão started its activities with conventional drilling rigs in 1981. The growth in this activity has continued, and today the company owns and operates semi-submersible, offshore drilling platforms and conventional as well as helitransportable onshore drilling rigs in remote and hard to reach areas like the Amazon region, where the company has three onshore drilling rigs in operation.

Keppel FELS is a wholly owned subsidiary of Keppel Corporation, through Keppel Offshore & Marine, and is a leader in offshore rigs, ship repair and conversion and specialized shipbuilding. Keppel Offshore & Marine's near market, near customer strategy is bolstered by a global network of 17 yards in the Asia Pacific, Gulf of Mexico, Brazil, Caspian Sea, Middle East and North Sea regions. Integrating the experience and expertise of its yards worldwide, the group aims to be the provider of choice and partner in solutions for the offshore and marine industry.

Paul Findlay, CEO of Patriot, commented, "Hopefully investors can now see that the strategy the Board implemented is bearing fruit as we continue to expand our client base and to develop relationships with some of the largest companies in the market. The Group performance continues to improve, and the outlook is positive."

About Patriot Mechanical Handling

Headquartered in Houston, Texas, USA, Patriot Mechanical Handling, Inc. (Patriot) is a comprehensive engineering and product supplier for all mechanical handling solutions in the oil and gas industry. In addition to this, Patriot is a licensed representative for some of the finest & most well established brands in the lifting and mechanical handling business. Our success is based upon effectively meeting the customer's needs prior to, during and most importantly after the product has been delivered. Our personalized service is unrivaled. We frequently monitor the quality of our products to insure our customer's satisfaction, and offer equipment that is guaranteed safe for use and fit for purpose.

More information is available by contacting the company directly. Information is available on the web at: http://www.patriotmechanicalhandling.com.

This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.

Contact Information

  • Contact:
    Patriot Mechanical Handling, Inc.
    Tel: 281-445-4400
    Fax: 281-445-4405
    E-Mail: Email Contact

    Global Marine Energy plc
    Philip Wood
    Chairman
    Tel: 01274 531 862

    Capital Group Communications Inc.
    (415) 843-0200 office
    (415) 843-0214 Fax