I've spent the last few days looking at Hallin Marine, and they tipped me over the edge, announcing a contract win this morning. It looks a quality business.

Hallin floated on AIM in June. Established in 1998, Hallin is profitable - just under $1 million on turnover of $20million last time. market cap just 17 million.

It maintains, installs, surveys and repairs seabed equipment - pipelines etc. The company itself says that it is impacted by activity in the oil market, and when they floated oil was around $55. Now it is as we all know $65. Of course if you believe the oil market is still worth investing in (I have avoided to date) you'll probably like the fact that Halling raised funds at 64p and is currently 55p to buy.

They will benefit from the stronger dollar (lost over $200,00 on currency last year). Their saturation diving systems can support up to 12 people for a month on the seabed and customers have included BP, Shell, Mitsui, Premier and Total. it's important to have regional presence. As well as business bases in Singapore, China and Thailand they are expanding into the UAE.

It looks a good way to have exposure to oil in a relatively low risk area.

Worth taking an initial stake imho, as i have this morning.

Here is this morning's contract, which represents 25% of last year's turnover:

'Hallin Marine Subsea International plc

Hallin Marine Wins US$5m Order to Support Gulf of Thailand Pipeline

Hallin Marine, the AIM quoted provider of subsea solutions to the oil and gas
industry, announces that it expects to supply Diving Support Vessel services to
the PTT 3rd Pipeline Construction Project in the Gulf of Thailand. Hallin is in
receipt of a letter of intent* from Hyundai Heavy Industries ('HHI') regarding
this contract. This is in addition to Hallin's contract with HHI, signed in
July, to supply construction diving services to the same project.

The Diving Support Vessel work will take place in two phases, the first starting
in December 2005 and the second scheduled for February 2006, with a contract
value of approximately US$5 million.

The PTT 3rd Pipeline Project is a major expansion of the Thai Offshore Natural
Gas Infrastructure, which provides gas for the domestic market. A 606km
pipeline and associated offshore facilities is to be constructed from PTT's
Arthit field in the Gulf of Thailand to a landfall at Layong, south of Bangkok.
Under the two subcontracts awarded by HHI, Hallin Marine will provide all the
construction diving services from three pipelay barges as well as conducting
Saturation Diving and Hot Tapping of connections into the pipeline from the
Diving Support Vessel.

John Giddens, Chief Executive of Hallin Marine, said:

'We are extremely pleased to have been awarded this work. The Diving Support
Vessel side involves Hot Tapping and Saturation Diving services and is in
addition to the onboard barge construction diving services that we are already
contracted to supply to HHI for the PTT 3rd Pipeline Project. The winning of
these orders confirms that Hallin Marine is able to provide HHI with the
increasingly complex services they require, at competitive prices.'

That's probably enough for me -- okay only a little over 10% but not the patience for a price taker like this

New HMS research article Click HERE