Mermaid JV inks Middle East extension

September 25, 2017

Mermaid Maritime’s joint venture company formed between Mermaid and a local offshore services operator 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, whereby Mermaid will continue to provide a suite of diving services using its modern DP2 saturation dive support vessel, the 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. The total contract value for the initial one-year extension period is estimated to be approximately US$96 million. Performance of the extended contract period is scheduled to start in Q4 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,” said Mr. Chalermchai Mahagitsiri, Mermaid CEO.



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