Mermaid Maritime and CMIH Sign $436m Contract

Mermaid Maritime, through its subsidiaries, have entered into the following agreements with China Merchants Industry Holdings Co., Ltd. for an aggregate sum of $436 million.

(a) Agreement for the Design, Construction and Completion of a Self-Erected Drilling Tender (Hull No. CMHI (JS)-151-1 and Equipment Set between MTR-3 (Singapore) Pte. Ltd. and China Merchants Industry Holdings Co., Ltd. (Newbuild Tender Rig-1);

(b) Agreement for the Design, Construction and Completion of a Self-Erected Drilling Tender (Hull No. CMHI (JS)-151-2 and Equipment Set between MTR-4 (Singapore) Pte. Ltd. and China Merchants Industry Holdings Co., Ltd. (Newbuild Tender Rig-2);

(c) Agreement for the Design, Construction and Completion of a Multi-Purpose Subsea Dive Support & Construction Vessel (Hull No. CMHI (JS)-152-1) and Equipment Set between Mermaid Offshore Services Pte. Ltd. and China Merchants Industry Holdings Co., Ltd. (Newbuild DSV).

The expected date of delivery of the Newbuild Tender Rig-1 and Newbuild Tender Rig-2 and the equipment set shall be in the first and second quarter of 2016 respectively while the delivery of Newbuild DSV shall be in the third quarter of 2016.

[mappress]
Press Release, January 10, 2014