Mermaid, Partner Win $530 Mln Contract for Subsea & Offshore Services

Mermaid Maritime Public Company Limited, has announced it has secured a contract with reputable client by joint-venture company formed between Mermaid and local offshore services operator.

Contract duration is a minimum of five years plus a two-year option. Total contract value for the five year period is estimated to be approximately US$ 530 million. Mermaid’s potential revenue is between 60 to 70 percent of the said contract value over this period.

The new joint-venture company has secured a significant long term offshore inspection, repair and maintenance services contract with a reputable client whereby Mermaid will provide a suite of diving services using one of its modern DP2 dive support vessels along with remotely operated vehicles, specialized diving equipment and divers. Mermaid’s joint venture partner will provide other offshore services and logistics.

“For Mermaid, this contract represents a stream of stable revenue, profit and cash flow over the next five to seven years, and is a clear and positive step towards the turnaround of our company”, said Chalermchai Mahagitsiri, Chief Executive Officer of Mermaid.

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Press Release, October 29, 2012