DSV Mermaid Endurer Wins Contract from Bibby Offshore

Mermaid Maritime Public Company Limited announces that its wholly owned subsidiary Subtech Ltd. has recently been awarded a subsea services contract with Bibby Offshore Limited for services in the North Sea.

This contract will utilize the DP2 Dive Support Vessel ‘Mermaid Endurer’ for inspection, repair and maintenance services and light construction intervention. The contract, with estimated value of USD 30 million, is scheduled to commence in the second calendar quarter of 2014 for a term ending in the fourth calendar quarter of 2014, with options for extension subject to mutual agreement. The vessel will arrive in the North Sea in early 2014 and will be marketed for opportunities in the spot market before commencement of the contract.

“The Mermaid Endurer was built in Norway, specifically for these conditions, and we are confident that we can fulfill Bibby Offshore’s expectations,”said Chalermchai Mahagitsiri, Chief Executive Officer.

“This contract marks Mermaid’s successful re-entry into the North Sea market at a particularly exciting time over there. The contract covers all facets of the Mermaid group namely, Mermaid Offshore’s marine division, Subtech’s diving, inspection and IRM division, Subtech’s ROV department and Seascape’s survey division,” said Paul Whiley, Executive Director of Mermaid’s subsea division.

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Press Release, August 15, 2013