Mermaid secures additional subsea contract awards
Thursday, Sep 07, 2017
Services shall utilize Mermaid’s flagships ‘Mermaid Commander’ and ‘Mermaid Endurer’ together with Mermaid’s ROVs, specialist equipment and project teams.

Mermaid Maritime Public Company Limited (“Mermaid”) is pleased to announce that its business units have been awarded three subsea contracts in South East Asia and the Middle East with a combined estimated value of USD 12 million.

The first contract award, with work scheduled to commence in the third quarter of 2017, will involve use of the DP2 saturation diving vessel (“DSV”) “Mermaid Commander” with a Quasar work-class ROV carrying-out a 60-day saturation diving and ROV inspection, repair & maintenance (IRM) project in Malaysia.

The second and third contract awards, with work scheduled to also commence in the third quarter of 2017, will involve use of the DP2 DSV “Mermaid Endurer” with ROV and grouting spread to carry-out combined survey, spool-piece tie-in and free span correction projects on subsea pipelines in the Middle East.

Mermaid is also pleased to highlight that these achievements are line with Mermaid’s strategic initiative to retain its key customers and to seek out new customers to strengthen its market share and deliver sustainable growth.

Mermaid’s contract win announcements as published from time to time on SGXNet are not exhaustive as Mermaid continues to be awarded other smaller contracts in the ordinary course of business which are added to its order book.

Financial Effects

Assuming that the contracts had commenced and had been completed within the most recent financial year (the Company’s last financial year ended 31 December 2016), the contracts would have had a non-material effect on the earnings per share of the Company (on a consolidated basis) and a non-material effect on the net tangible assets per share of the Company (on a consolidated basis) for that financial year.

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