SINGAPORE (Yosefardi) – Mermaid Maritime Public Company Limited reported that MTR-1 operates as an accommodation barge support unit in Indonesia with its current contract expiring in July 2013. The Company is seeking continued work as an accommodation barge support unit beyond this term.
Mermaid reported operating losses in 2Q FY13 of Baht 135.5 million. MTR-1 continued working in Indonesia and achieved 100% utilisation in this quarter. However, MTR-2 started its SPS since November 2012 and did not finish until April 2013 and therefore reported no utilisation in 2QFY13, but still incurred normal operating expenses, such as crewing and consumables.
The MTR-2 recently completed its compulsory special periodic survey in Singapore and is scheduled to commence 2-year drilling contract in Indonesia in the later part of May 2013. The overall demand for jack-up drilling rigs has improved globally and the demand for premium jack-up rigs has remained strong in all relevant regions, particularly in Asia and the Middle East. Positive contributions from Asia Offshore Drilling are expected FY2014 onwards due to this FY2013 being focused on phased delivery, mobilization and commencement of contracts for its three premium jack-up rigs. (written by Ferdi Hasiman)