Mermaid's Subsea Unit Wins ROV Service Contract

Mermaid Maritime Public Company Limited announced that its subsidiary Mermaid Offshore Services Ltd. (MOS) has been awarded a call off contract for subsea remotely operated vehicle (ROV) services in Thailand serving major upstream oil and gas operators.

Mermaid said the contract award has an estimated value of $19 million for an initial period of two years. The contract, which provides for Mermaid to serve customers in the Gulf of Thailand, requires the use of two ROV support vessels simultaneously and will utilize Mermaid Sapphire and a vessel of opportunity. The duration of the contract is approximately 75 days for each vessel through 2016.