The contract extension (including several medium-term subcontract awards), worth approximately US$ 125 million to Mermaid, has been secured with a reputable oil major by a joint-venture company formed between Mermaid and a local offshore services operator in a GCC country in the Middle East.
The duration of the contract extension is for a firm period of one year. Mermaid Maritime Public Company Limited (Mermaid) has announced that its joint venture company formed between Mermaid and a local offshore services operator has secured a one-year contract extension for offshore inspection, repair and maintenance services with a national upstream oil and gas company in direct continuation to its current contract, which commenced in 2012.
Mermaid will continue to provide a suite of diving services using its DP2 saturation dive support vessel “Mermaid Asiana” along with remotely operated vehicles, specialized diving equipment and divers. Mermaid’s joint venture partner, a reputable offshore and marine services company, will provide other offshore vessel related services and logistics. Mermaid’s portion of the total contract value for the one-year extension period is estimated to be approximately US$ 125 million, including several medium-term subcontract awards. The contract extension will continue until the fourth quarter 2025.
“For Mermaid, this contract extension is the result of the excellent service that we provide and represents a stream of stable revenue to strengthen our forward book. It is also in line with our strategic initiative to maintaining our presence in the region and as a platform for further growth and expansion”, said Mr. Chalermchai Mahagitsiri, Chief Executive Officer of Mermaid.