Cosalt: Inks 2 One-Year Contracts Worth Up To GBP3 Million With Acergy

Cosalt PLC (CSLT.LN), a provider of lifting, tooling and marine services to the Offshore Oil & Gas and industry, said Thursday it has concluded agreements with Acergy to provide all lifting services it requires in the U.K. and Norwegian sectors of the North Sea.

MAIN FACTS:

-The two one-year contracts are worth up to a total of GBP3 million in the U.K. and Norway at present and there is scope for a further increase in the workload over the coming months.

-The deals involve Cosalt Offshore providing a total management service in addition to product supply to fulfill all of Acergy's subsea lifting equipment requirements.

-The subsea lifting service includes full project management from the storing of equipment such as mechanical handling gear and shackles, then full stripdown and preparation for use as required, right through to providing experienced vessel inspection engineers, advice and assistance in compliance matters globally.

-Shares closed Wednesday at 4.1 pence.

By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [e-mail]