Wednesday, December 12, 2018

Mermaid Maritime Scores Middle East Subsea Contract

October 9, 2018

DSV Mermaid Endurer. Image: Mermaid Maritime Public Company Limited
DSV Mermaid Endurer. Image: Mermaid Maritime Public Company Limited

Thailand-based offshore vessel provider Mermaid Maritime has picked up a sub-sea services contract in the Middle East, the company said in a stock exchange announcement.

Mermaid said that the contract, which was awarded to the company’s Middle East business unit by an un-named company from a GCC country, has an initial contract value of $17 million.

The contract duration is for 180 days, commencing in May through to October 2019. The project will involve the use of the DP2 Dive Support Vessel ‘Mermaid Endurer’ which is equipped with a Saturation / Air Dive and ROV systems carrying out the DSV Campaign for an international EPCI contractor.

Mermaid is also pleased to highlight that this achievement is aligned with Mermaid’s ambitious forward-looking strategy to expand its client base in its Middle East core market by providing a safe, quality yet cost-effective service.

Mermaid’s contract-win announcements as published from time to time on SGXNet are not exhaustive as Mermaid continues to be awarded other contracts in its ordinary course of business which are added to its order book.

Assuming that the contract had commenced and had been completed within the most recent financial year (the Company’s last financial year ended 31 December 2017), the contract 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.

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