Mermaid bags three-year extension in Middle East
- Business & Finance
Mermaid Maritime’s joint-venture company with an unnamed offshore services operator has secured a three-year contract extension with a national upstream oil and gas company in the Middle East.
According to Mermaid’s statement on Monday, the contract is for offshore inspection, repair and maintenance services and it is in direct continuation to its initial seven-year contract period.
Under the contract, 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 has served this contract since 2012.
Mermaid’s portion of the total contract value for the three-year extension period is estimated to be approximately $162 million. The beginning of the three-year extended period will be initiated in phases with all phases scheduled to start during the fourth quarter of 2019.
Chalermchai Mahagitsiri, Chief Executive Officer of Mermaid, said: “For Mermaid, this contract extension is the result of the excellent service that we provide and represents a stream of stable revenue over the next three financial years. 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.”
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