Singapore-listed Mermaid Maritime, a subsidiary of Thoresen Thai Agencies (TTA), has secured multiple contracts in Thailand, Angola and Saudi Arabia worth around $120m.
The awards consist of subsea construction, IRM, subsea wellhead cutting and removal in Thailand and survey in Angola as well as multiple cable lay scopes and saturation diving interventions with long-standing clients in Saudi Arabia.
Mermaid said that the cable business represents almost 50% of recent awards, and circa 30% of the forward book in the near term. Meanwhile, the contract in Angola is for a 3-year project, with options to extend, to provide survey services onboard client-supplied vessels in the region.
“We believe that the potential for future decommissioning work in Thailand is expected to continue over the next 10-20 years and we want to play a major role in this market. These significant awards outside of Thailand are very encouraging and vindicate the new growth path for Mermaid Maritime’s cable lay division. The recent award of a long-term survey scope in Angola is part of a strategic expansion of the global footprint of MML by our new management,” said Chalermchai Mahagitsiri, CEO of Mermaid.
