Mermaid Maritime suffers early termination of contract

Singapore: Mermaid Maritime announced that it has received an early termination of contract from an international upstream oil and gas client for the “MTR-2” tender drilling rig which was based in Indonesia.

The initial term of the contract was set to end in May 2015 but the rig is now scheduled to be demobilized to Singapore by the end of December.

The client terminated the contract early as its process of obtaining new permits from the Indonesian authorities had been prolonged.

“We would firstly like to express our sincerest regret that our work contract has to be terminated by the client,” said Chalermchai Mahagitsiri, ceo of Mermaid.

“In the meantime, this event has opened up an opportunity for us to search for new work opportunities with national oil and has companies in the reigion. Potential clients have already been identified and we have commenced discussions with them,” he added. [08/12/14]

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