The company said the acquisition of the specialist anchor handling, towing and supply vessel is conditional upon Neptune raising sufficient funds for the purchase within 90 days.

Delivery of the vessel is expected shortly after finance has been obtained.

Managing director and chief executive Christian Lange said the Nor Sea was a natural extension to the company's portfolio that would result in improved delivery of its integrated services.

According to Neptune, the Nor Sea is well known to Australian operators and will be applied to ROV (remotely operated vehicle), survey and light construction support works throughout Australasia.

Nor Sea will also be fitted with a 135-hp Swift XL Free Swim Construction Support ROV system and associated hydrographic survey system.

According to Lange, the ROV system will help save time and money for clients as it will allow for several different operations to be carried out simultaneously.

The vessel will predominantly service the Australian market but will also provide support to the South-East Asian market in conjunction with Neptune's existing support vessel, the MRV ROV supplier, Lange said.