January 2, 2007
Caspian repair yard for Kazakhstan
Caspian Services, Inc. (OTC Bulletin Board: CSSV) says it has entered into a Memorandum of Understanding to establish a vessel maintenance and repair facility with joint venture partners Nico International and Kazmortransflot JSC. Nico International is a Dubai based international ship repair and ship building company with 30 years experience in the industry. Kazmortransflot JSC is the state marine transportation company of the Republic of Kazakhstan.
The maintenance facility will be built at a marine base currently under development by Caspian Services at the port of Bautino on the Caspian Sea coast of Kazakhstan and the joint venture will become the first tenant operating at Caspian Services' Bautino marine base.
The maintenance facility will be designed to provide dry docking and floating repair capabilities for vessels up to 60 meters in length and 600 tons. The maintenance facility will also have the capability to dry berth eight vessels at a time. Nico International will provide the operational management of the maintenance facility on behalf of the joint venture.
John Scott, COO of Caspian Services, commented, "We are pleased to be part of the joint venture with Nico International and Kazmortransflot to develop a key maintenance facility on the Caspian Sea. We believe their interest in becoming our partners in this joint venture confirms our belief in the important contribution that marine repair and maintenance services will provide to the rapidly developing offshore oil and gas industry in the Kazakh sector of the Caspian Sea."
Caspian Services, Inc. is an oilfield service company providing a broad range of services in the Caspian Sea region of western Kazakhstan. The Company provides geophysical and seismic data acquisition and interpretation services; maintains a fleet of vessels that it commissions to oil and gas exploration companies engaged in exploration and development activities in the north Caspian Sea and other oilfield services such as lodging and desalinated water in the Port of Bautino. The company has corporate offices in Almaty and Aktau, Kazakhstan and Salt Lake City, Utah.