Mermaid scores brace of deals


Bangkok: Thailand’s Mermaid Maritime has made a couple of announcements with new deals. 

A new joint-venture company formed between Mermaid and a local offshore services operator has secured a significant long term offshore inspection, repair and maintenance services contract with a “reputable client”, the company said in a statement, whereby Mermaid will provide a suite of diving services using one of its modern DP2 dive support vessels along with remotely operated vehicles, specialized diving equipment and divers. 

The contract duration is for a minimum of five years plus a two-year option. The total contract value for the five year period is estimated to be approximately US$530m.

Mermaid’s potential revenue is between 60 to 70 percent of the said contract value over this period. 

Mermaid also said its associated company Asia Offshore Drilling Limited (“AOD”) has signed a drilling contract whereby AOD's first jack-up drilling rig ‘AOR-1’ will be leased to another “reputable client”. The charter has been entered into and will be managed by Seadrill Ltd., on behalf of AOD. The contract duration is a minimum of three years plus a one-year option. The potential revenues for the three year period are approximately US$197m plus a US$39.5m mobilization fee which includes certain upgrades, other mobilization costs and day rate during the mobilization period. The rig is currently under construction with Keppel FELS in Singapore.  [26/10/12]

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