Mermaid operations unaffected by Bangkok protests

Mermaid Maritime, a Thai-based company which provides offshore support services to the oil and gas industry, said today that its operations are unaffected by the ongoing protests in Thailand.

According to Reuters, imports in Thailand fell 15.5 percent in January, the biggest drop in more than four years, as the demonstrators aim to oust Prime Minister Yingluck Shinawatra and put a halt to the influence of her brother Thaksin Shinawatra, the former prime minister, seen by many as the éminence grise behind his sister, holding real power.

Months of anti-government protests extended their economic toll beyond falling tourism numbers, Reuters writes.  Also, the AP yesterday reported that two children and one woman were killed in Bangkok on Sunday in an attack against protesters occupying a shopping area.

Mermaid untouched

In a statement issued today Mermaid Maritime said “that the company and its subsea and drilling businesses are not affected by the ongoing protests in Thailand as all of the company’s Thai-based operations are outside Bangkok and also located overseas.”

“Mermaid continues to secure contracts with key customers in Thailand and had previously announced a light construction and inspection, repair and maintenance (“IRM”) contract utilizing the ‘Mermaid Commander’ serving a major international upstream oil and gas company for its 2014 campaign for a term of almost 200 days plus additional options for 2015 and 2016. The potential contract value of the 2014 campaign is approximately USD 32 million.”

“Mermaid has also recently been awarded a 3-year subsea call-out contract by PTT Exploration and Production Plc. for light construction and IRM services utilizing the ‘Mermaid Sapphire’ or equivalent vessel in Mermaid’s fleet for 60-120 days a year from 2014-2016. The potential value of this contract is USD 19 million over a three year period,” the company concluded.