Thailand’s vessels company Mermaid said its GCC joint-venture was awarded a contract extension for subsea services in the Middle East by an undisclosed oil company.
The contract, valued at $96 million, is an extension of one year plus one-year option, Mermaid said in a statement.
Services in the contract include repair and maintenance services with a national upstream oil and gas company following gits initial five-year contract, Mermaid said. It will also continue to provide diving services saturation dive support vessel “Mermaid Asiana” along with remotely operated vehicles, specialized diving equipment and divers. Mermaid’s joint venture partner, an offshore and marine services company, will provide other offshore vessel related services and logistics.
“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,” said Chalermchai Mahagitsiri, chief executive officer of Mermaid.
Mermaid’s potential revenue represents a major part of said contract value over the period, it said, adding that performance of the extended contract period is scheduled to commence in the fourth quarter of 2017.
Mermaid’s GCC joint-venture partner Zamil Mermaid Offshore Services Company is based in Saudi Arabia.