Thai subsea specialist Mermaid Maritime has been awarded a contract extension, via a local JV company it has with a local operator in the Middle East, worth around $96m.
The extension continues on from a five-year initial contract with an unnamed oil major and is for an additional one year period and includes a further one-year extension.
Mermaid will continue to provide offshore inspection, repair and maintenance services using DP2 saturation dive support vessel Mermaid Asiana, while its JV partner will provide additional services and logistics.
Chalermchai Mahagitsiri, chief executive officer of Mermaid Maritime, commented: “For Mermaid, this contract extension represents a stream of stable revenue over the next financial year, and is a clear and positive step towards the steady growth of our company. We are very proud of all our team involved in delivering the highest quality of services to our customers.”
The contract extension is scheduled to commence in the fourth quarter of 2017.