SINGAPORE (Yosefardi) – Mermaid Maritime Public Company Limited 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 loc ated 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 up stream 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.
In addition to maintaining a key position in Thailand’s subsea services market, Mermaid’s growing order book also comes through its business presence in Indonesia, Vietnam, the North Sea, Qatar and Saudi Arabia as well as full range of services provided to its customers in those regions.