Mermaid Marine firms up PSV contract with Inpex

MARCH 10, 2014 — Mermaid Marine Australia Limited has firmed up a letter of intent it received earlier and has been awarded a contract for two platform supply vessels for long-term production support operations with INPEX Operations Australia Pty Ltd (INPEX).

MMA will operate two newbuild Vard 1 08 PSVs for the INPEX-operated Ichthys LNG Project with a fixed term of five years, plus two five-year options.

The PSVs will be built in an Asian shipyard to INPEX's specifications, for delivery to MMA in late 2015 and early 2016 respectively.

They will be operated by Australian resident crew, and will supply the Ichthys Project's offshore facilities from Darwin and Broome.

The contract value for the firm period is A$160 million at today's exchange rate, and A$500 million in total should all of the options be exercised.