Mermaid Marine Australia and Subsea 7 enter significant vessel contract

By Finance

Subsea 7 and Mermaid Marine Australia Limited (MMA) has signed a significant vessel contract. MMA has to arrange tug and barge support for the Heavy Lift & Tie-in Scope on the Chevron-operated Gorgon Project.

Mermaid Marine Australia Limited will prepare a vessel fleet of 9 tugs and barge sets in order to help Subsea installation works. MMA will be lead contractor and will work with other vessel operators. Vessels have to provide the Gorgon an Jansz-Io fields offshore Barrow Island with equipment.

The value of the deal is more than USD 89,9 million. The work will start officially in 2 months and is expected to finish in 2014.

MMA Managing Director, Mr Jeff Weber told:
"We are extremely pleased to continue our working relationship with Subsea 7 on Australian offshore construction projects, and to support this key scope of work. MMA looks forward to working with both Subsea 7 and the Gorgon Project team to deliver a safe and successful outcome as well as supporting numerous local opportunities."

The Gorgon Gas Project is a natural gas project in Western Australia, involving the development of the Greater Gorgon gas fields, subsea gas-gathering infrastructure, and a liquefied natural gas (LNG) plant on Barrow Island. The project also includes a domestic gas component. It is currently under construction and once completed, will become Australia's fourth LNG export development. (wikipedia)

The Gorgon Project is operated by an Australian subsidiary of Chevron and is a joint venture of the Australian subsidiaries of Chevron (47.3%), ExxonMobil (25%), Shell (25%), Osaka Gas (1.25%), Tokyo Gas (1%) and Chubu Electric Power (0.417%).