Mermaid Maritime scores $96M extension in Middle East

Offshore vessel provider Mermaid Maritime has landed a $96 million contract extension in the Middle East with what it described as a “reputable oil major client.”

The extension has been awarded to a joint venture company formed between Mermaid Maritime and a local offshore services operator. While the company does not provide more details on the joint venture, it is likely that this is Zamil Mermaid Offshore Services Company based in Saudi Arabia.

The one year contract is for contract extension for offshore inspection, repair and maintenance services with a national upstream oil and gas company following its initial five-year contract period.

Mermaid will continue to provide a suite of diving services using its modern 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 contract extension will become effective in the fourth quarter of 2017.

“For Mermaid, this contract extension represents a stream of stable revenue over the next financial year, and is a clear and positive step towards the steady growth of our company. We are very proud of all our team involved in delivering the highest quality of services to our customers”, said  Chalermchai Mahagitsiri, Chief Executive Officer of Mermaid.

Offshore Energy Today Staff

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