Thai subsea specialist Mermaid Maritime has announced that its local joint venture has secured a three-year contract extension with an oil major in the Middle East.

The extension is worth around $162m, and is for offshore inspection, repair and maintenance services in direct continuation of a previous seven-year contract.

Mermaid Maritime will continue to utilise dive support vessel Mermaid Asiana along with remotely operated vehicles, specialised diving equipment and divers.

Chalermchai Mahagitsiri, chief executive officer of Mermaid Maritime, commented: “For Mermaid, this contract extension is the result of the excellent service that we provide and represents a stream of stable revenue over the next three financial years. 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.”