Singapore: Mermaid Maritime has won a $50m two-year contract for its dive support vessel, Mermaid Commander (pictured), which will be deployed on a subsea construction project in the Gulf of Thailand.
The vessel will provide support for a repeat international fabrication and installation contractor whose end-customer is a major international upstream oil and gas operator, Mermaid said today.
Work is scheduled to commence in April 2015. The contract duration will be over 130 days per year for both 2015 and 2016, “serving the entirety of the customer’s campaign in the Gulf of Thailand”, the company said.
The contract shows an improvement in day rates compared to those achieved so far this year, Mermaid says. The two-year contract duration, instead of one year, was also a coup in the face of the current weak oil price.
The two-year contract will be performed using saturation diving and will include the installation of numerous spool pieces, risers, wyes and tees.
Mermaid will also provide a remotely operated vehicle (ROV) survey, and a spool fabrication spread.
“The group is very pleased to have been awarded this contract to provide subsea construction support in the Gulf of Thailand for the 10th and 11th consecutive year. We have consistently won contracts despite the recent weakness oil prices, and the ongoing demand for our scope of services is a strong indication of our proven track record and continued standing as a leading provider of subsea and drilling services in the oil and gas industry,” said Chalermchai Mahagitsiri, CEO of Mermaid, in an exchange filing today. [18/12/14]