SOURCE: Patriot Mechanical Handling, Inc.

November 28, 2006 11:15 ET

Patriot Mechanical Handling, Inc. Announces New Orders in Excess of US$31 Million

HOUSTON, TX -- (MARKET WIRE) -- November 28, 2006 -- Patriot Mechanical Handling, Inc. (PINKSHEETS: PMHH), a leading provider of mechanical handling solutions and services to the oil and gas industry, has won three orders with a total value in excess of US$31 million, from Keppel FELS Limited in Singapore and Queiroz Galvão Perfurações S.A. and Petrobras in Brazil.

A US$7.8 million order is for one mechanical handling package, for the Ensco 8502 ultra-deepwater semisubmersible currently on order to Keppel FELS Limited from ENSCO International, Inc. The order calls for Patriot to deliver, during 2007/08, a riser gantry crane, king post deck cranes, BOP handling, and tree handling systems, and to provide training, spare parts and commissioning services.

The order from Star International Drilling Ltd., the Brazilian subsidiary of Queiroz Galvão Perfurações S.A., is valued in excess of $20 million with delivery in 2008/9. The order is for one mechanical handling rig set, including but not limited to: Vertical Racking System, fingerboards, Iron Roughneck, drillfloor winches, BOP crane and transporter, tree carrier, king post deck cranes, riser gantry crane, catwalk machine and derrick. This equipment will be used in the upgrade of the Olinda Star semi-submersible that is to be carried out by Keppel FELS Brazil.

The Petrobras order totals US$3.8 million and is for the supply of 2 marine king post deck cranes for the P-14 platform. Delivery is scheduled for Q4-2007.

Paul Findlay, Group CEO of Global Marine Energy PLC, commented, "Ensco's decision to chose Patriot to supply the rig package, on this third newbuild rig of the 8500™series, is based on the quality of our equipment and our levels of service. This is an important relationship for our Company and is indicative of Patriot's commitment to its customers.

"The order from Queiroz Galvão Perfurações S.A. is the single largest order ever received by Patriot and it underscores the market's confidence in Patriot's ability to manage and deliver larger packages. This order and the order from Petrobras, the world leader in deepwater exploration and production, further reinforce our presence in the Brazilian market and are a testament to our ability to meet the demanding technical, safety and delivery requirements of large operators.

"We will continue to look to build similar strong relationships with other major drilling contractors."

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:

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
    Tel: 01274 531 862

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