Mermaid Wins Subsea Contract in Gulf of Thailand

Mermaid has secured a 2-year contract for its dive support vessel, ‘Mermaid Commander’, to provide subsea construction support in the Gulf of Thailand for a repeat international fabrication and installation contractor whose end customer is a major international upstream oil and gas operator. The contract has an estimated value of USD 50 million.

The 2-year contract will be for subsea construction and will be performed using saturation diving and will include the installation of numerous spool pieces, risers, wyes, tees, etc. Additional services include the provision of a remotely operated vehicle (“ROV”), survey, and a spool fabrication spread.

Scheduled to commence in April 2015, the contract duration will be in excess of 130 days per year for the requirement of both 2015 and 2016, serving the entirety of the customer’s campaign in the Gulf of Thailand. An improvement in day rates compared to the current year plus contract duratioMn for 2-years instead of one was achieved despite recent oil price weakness.

The award of the new contract represents the 10th and 11th consecutive years that Mermaid has
undertaken work to provide support for this repeat customer, and is testament to the high quality of work that Mermaid consistently delivers.

Mr. Chalermchai Mahagitsiri, Chief Executive Officer of Mermaid said, “The Group is very pleased to have been awarded this contract to provide subsea construction support in the Gulf of Thailand for the 10th and 11th consecutive year.

We have consistently won contracts despite the recent weakness oil prices, and the ongoing demand for our scope of services is a strong indication of our proven track record and continued standing as a leading provider of subsea and drilling services in the oil & gas industry.

We will continue to maintain our high standards and ensure that Mermaid remains in prime position for any future contract awards.”