Mermaid Nets $96M Extension for Subsea Work in Middle East

Mermaid’s joint venture company formed between Mermaid and a local offshore services operator in a GCC country in the Middle East has secured a contract extension for offshore inspection, repair and maintenance services with a national upstream oil and gas company following its initial five-year contract period.

The contract extension, worth approximately USD 96 million, is for a firm one year plus a one-year option.

Mermaid will continue to provide a suite of diving services using its modern DP2 saturation dive support vessel “Mermaid Asiana” along with remotely operated vehicles, specialized diving equipment and divers. Mermaid’s joint venture partner will provide other offshore vessel related services and logistics.

Mermaid’s potential revenue represents a major part of said contract value over this period. Performance of the extended contract period is scheduled to start in the fourth quarter of 2017.

“For Mermaid, this contract extension represents a stream of stable revenue over the next financial year, and is a clear and positive step towards the steady growth of our company. We are very proud of all our team involved in delivering the highest quality of services to our customers,” said Chalermchai Mahagitsiri, chief executive officer of Mermaid.

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