Thai offshore specialist Mermaid Maritime said its local joint venture had secured a one-year contract extension with an oil major in the Middle East.
The extension, in direct continuation to its current contract for offshore inspection, repair and maintenance services which commenced in 2012, is worth around $125m to Mermaid.
Mermaid will continue to utilise dive support vessel Mermaid Asiana along with remotely operated vehicles, specialised diving equipment and divers, the company said, while its jv partner will provide other offshore vessel related services and logistics.
Chalermchai Mahagitsiri, CEO of Mermaid, said: “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.”
