Mermaid Maritime has, through its joint venture company with GCC, secured a one-year contract extension for subsea services in the Middle East with a national upstream oil and gas major.
The contract extension, including several medium-term subcontract awards, worth approximately $125 million to Mermaid, has been secured with a ‘reputable’ company whose name was not disclosed.
The work scope covers offshore inspection, repair and maintenance services in direct continuation to its current contract, which commenced in 2012.
Mermaid said it will continue to provide a suite of diving services using its DP2 saturation dive support vessel Mermaid Asiana, along with remotely operated vehicles (ROVs), specialized diving equipment and divers.
Mermaid’s joint venture partner GCC, an offshore and marine services company, will provide other offshore vessel related services and logistics.
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 Chalermchai Mahagitsiri, Chief Executive Officer of Mermaid.