SOURCE: Patriot Mechanical Handling

September 19, 2006 08:00 ET

Patriot Mechanical Handling, Inc. Receives Total of $9 Million in Orders From Two Schahin Engenharia S.A. Brazil Subsidiaries and Diamond Offshore

HOUSTON, TX -- (MARKET WIRE) -- September 19, 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 orders totaling in excess of $9 million from two Schahin Engenharia S.A. (Schahin), Brazil subsidiaries and Diamond Offshore, Houston, USA.

The $7.2 million order from Baerfield Drilling LLC and Soratura LLC, two Schahin subsidiaries, is for 2 rig sets, comprising pipe handling systems and drill floor equipment for new build semi-submersibles. The $2.4 million order from Diamond Offshore is for a pipe racking system and a BOP crane. These are the first orders secured from either company by Patriot.

Schahin is a major Brazilian corporation with operations in the country's chief sectors of development: Engineering, Real Estate Development, Telecommunications, Power Line Concessions, Oil and Gas, Finance (Banking, Brokerage and Financial Services) and Fleet Monitoring. Schahin Group's Oil and Gas division was created in 1982 to provide specialized oil and gas well drilling and workover services.

Diamond Offshore Drilling, Inc., a leading deepwater drilling contractor, owns and operates one of the largest fleets of offshore drilling units in the world. The company's diverse fleet consists of 30 semi-submersibles, 13 jack-ups and one dynamically positioned drillship. Diamond Offshore provides contract drilling services to the global energy industry and is a leader in deepwater drilling.

Paul Findlay, CEO of Patriot, commented, "We continue to expand our client base and to develop relationships with some of the largest companies in the market. Further significant orders are under negotiation and we expect to be in a position to announce these shortly.

About Patriot Mechanical Handling

Headquartered in Houston, Texas, USA, Patriot Mechanical Handling, Inc. (PMH) 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 customers' 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

  • Contacts:
    Patriot Mechanical Handling, Inc.
    Tel: 281-445-4745
    Fax: 281-445-9839
    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