Mermaid reports changes in MTR-2 contract (Indonesia)

Mermaid Maritime Public Company Limited refers to the Company’s announcement dated 27 March 2013 in respect of the contract award to provide drilling and related services using the tender drilling rig ‘MTR-2’ for an international upstream oil and gas company in Indonesia.

The Company wishes to announce that the Client is in the process of obtaining new permits from the relevant government authorities in Indonesia to continue performance of the work under the Contract. In the interim, the Client and the Company had entered into an Amendment to the Contract whereby the Client will use the drilling rig as a work-over unit on a reduced rate. For illustrative purposes, assuming that the work-over period was for 30 days the potential revenue from such period is estimated to be USD 1,260,000.

Upon Client receiving the necessary new permits, the drilling rig is planned to resume drilling operations on its normal rate on a mutually agreed date. Mermaid Maritime said it would make another announcement when the drilling rig resumes drilling operations.