Mermaid Maritime’s joint venture to keep working for oil major

Mermaid Maritime’s joint venture with a Middle Eastern offshore services company has secured a one-year contract extension for subsea services with an upstream oil and gas company.

Thailand-headquartered Mermaid won the contract in a joint venture formed with a local offshore services operator in a Gulf Cooperation Council (GCC) country in the Middle East to continue delivering offshore inspection, repair and maintenance services for what it says is a “reputable oil major”.

The duration of the contract extension is for a firm period of one year and will be in direct continuation of the current contract, which kicked off in 2012.

Mermaid will continue providing a suite of diving services using its 2010-built DP2 saturation dive support vessel (DSV) Mermaid Asiana along with remotely operated vehicles (ROVs), specialized diving equipment and divers, while its joint venture partner will provide other offshore vessel-related services and logistics.

Mermaid’s portion of the total contract value for the one-year extension period is estimated to be approximately $125 million, including several medium-term subcontract awards.

The contract extension will continue until the fourth quarter of 2025.

“For Mermaid, this contract extension is the result of the excellent service that we provide and represents a stream of stable revenue to strengthen our forward book. 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,” said Chalermchai Mahagitsiri, Chief Executive Officer of Mermaid.

Mermaid Maritime recently established a joint venture company with a Vietnamese partner for the delivery of offshore subsea services in Vietnam.

The primary activities of the entity include offshore subsea services, ROV services, vessel chartering, and transportation and installation support services.