Mermaid Maritime Bags Diving and Cable Lay Projects in Middle East

Mermaid Maritime Public Company Limited announced that its business units serving the Middle East has recently been awarded a suite of subsea services contracts for air diving services including air diving for pipeline free-span correction and a subsea cable lay contract.

All contract awards were secured through Mermaid’s wholly owned subsidiary Subtech Ltd. (Seychelles) and Mermaid’s joint venture entity Zamil Mermaid Offshore Services LLC and are scheduled for commencement in December 2013 for an estimated duration of up to six months. The combined value of these contract awards is estimated at USD 30 million.

The subsea cable lay contract will utilize a chartered-in DP2 construction barge Mubarak Supporter. This Construction Barge is the latest addition to Mermaid’s fleet to serve its expanding customer base and requirements in the Middle East.

The Construction Barge is on an initial six-month charter to Subtech Ltd. (Seychelles) with possibility of further extensions.

Financial Effects

Assuming that the contracts had commenced and had been completed within the most recent financial year (the Company’s last financial year ended 30 September 2013), the performance by the Company of the contracts would have had a non-material effect on the earnings per share of the Company (on a consolidated basis) and a non-material effect on the net tangible assets per share of the Company (on a consolidated basis) for that financial year.

Press Release, November 26, 2013

 

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