Fiomarine Industries Pty Ltd.

Defence sales buoy Tasmanian company for

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Source: Fiomarine Industries Pty Ltd.

Global success in the Defence industry has given a small Tasmanian, Australian business Fiomarine, the confidence to take its popular Fiobuoy to the Oil and Gas market, via the Australasian Oil & Gas Show in February.

The innovative technology has been proven by consistent and major sales to the Royal Australian and United States Navies which the Company hopes to replicate in the Oil and Gas market.

The Fiobuoy is a submersible marine marker buoy and retrieval system. It is an all-in-one system incorporating an acoustic release, marker and retrieval line in a unique buoy design. It provides economical and reliable retrieval of underwater assets and equipment in almost all areas of the marine industry.

The Royal Australian Navy has been a customer of Fiomarine's for over ten years and in 2008 the Company signed its second major supply contract with the United States Navy. The contract represents an impressive 340 per cent sales growth in less than three years, the company announced.

The order for its Fiobuoy underwater retrieval system is Fiomarine’s largest to date, and makes the United States the chief user of the technology.

“This is a significant deal for us and having the biggest defence force in the world as a repeat customer not only increases our standing on a global scale but also further proves our technology,” said Fiomarine Commercial Director John Fiotakis.

Buoyed by this success, Fiomarine is now confidently pursuing the Oil and Gas market.

'The system was initially built to suit defence specifications so it is certainly reliable and robust. It was actually tested to withstand an explosion of TNT within ten metres so I'm sure it will stand up to offshore conditions.'

“Defence loves it. They've tried, tested and proven it. So we know it is time to introduce it to other markets, starting with Oil and Gas.'

'It is such a unique and flexible tool, our goal is to see the Fiobuoy used in all areas of the marine industry.” Mr. Fiotakis said.

Fiomarine is exhibiting in Booth A4 at the Australasian Oil & Gas Exhibition and Conference in Perth, Western Australia, 17-19 February 2009.

Further Information:

Rachael Foggitt, Marketing Coordinator, +61 417 696 296

Rachael.foggitt@fiomarine.com www.fiomarine.com

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