Mermaid Wins Middle East Contract Extension
- Business & Finance
Mermaid’s joint-venture company in Middle East has secured a three-year contract extension for offshore inspection, repair and maintenance services with an oil and gas national company.
The extension is in direct continuation to its initial seven-year contract period, whereby Mermaid will continue to provide a suite of diving services using its DP2 saturation dive support vessel Mermaid Asiana along with remotely operated vehicles, specialized diving equipment and divers.
Mermaid’s joint venture partner will provide other offshore vessel related services and logistics.
The Singapore-listed company said its portion of the total contract value for the three-year extension period is estimated to be approximately USD 162 million.
The start of the three-year extended period will be initiated in phases with all phases scheduled to start during the fourth quarter of 2019.
“For Mermaid, this contract extension is the result of the excellent service that we provide and represents a stream of stable revenue over the next three financial years. 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, CEO of Mermaid.