Mermaid Maritime has, through its joint venture (JV), signed a one-year contract extension that will continue till the 4Q2025.
The JV was formed by Mermaid Maritime and a local offshore services operator in a Gulf Cooperation Council (FCC) country.
Mermaid’s portion of the contract is worth US$125 million ($169.6 million).
The contract is for offshore inspection, repair and maintenance services with a national upstream oil and gas company in direct continuation to its current contract. The current contract commenced in 2012.
According to Mermaid, it will continue to provide a suite of diving services using its DP2 saturation dive support vessel “Mermaid Asiana” along with remotely operated vehicles, specialised diving equipment and divers.
Mermaid’s JV partner will provide other offshore vessel related services and logistics.
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“For Mermaid, this contract extension is the result of the excellent service that we provide and represents a stream of stable revenue to strengthen our forward book. It is also in line with our strategic initiative to maintaining our presence in the region and as a platform for further growth and expansion”, says Chalermchai Mahagitsiri, Mermaid’s CEO.
As at 3.55pm, shares in Mermaid are trading 0.1 cent higher or 0.7% up at 14.4 cents.
