Mermaid Maritime wins subsea contracts worth $30 million

Mermaid SapphireJANUARY 29, 2013 — Singapore-listed Mermaid Maritime says that its business units Mermaid Offshore Services Limited and Subtech Qatar Diving and Marine Services LLC have been awarded a series of contracts from existing clients for the provision of subsea services to support offshore oil and gas fields in the Gulf of Thailand, Sakhalin and Qatar. The combined value of these contract awards is approximately $30 million.

Mermaid's DP2 remotely operated vehicle support vessel Mermaid Sapphire (pictured at left) has been contracted to provide turnkey diving and ROV services in the Gulf of Thailand equipped with diving gear for air diving intervention, qualified divers, diving supervisors, ROVs and qualified ROV personnel. The contract is schedule to commence in February 2013 for approximately 45 days. The Mermaid Sapphire has also been contracted to provide an ROV inspection spread in Sakhalin, Russia, utilizing ROVs and qualified ROV personnel, inspection coordinators and engineers. The contract is scheduled to commence in May 2013 for approximately 45 days.

Mermaid's DP2 dive support vessel Mermaid Commander has been contracted to provide a complete service package comprising dive crew, construction management and all necessary support services, manpower and equipment to complete various work scopes to be performed at various locations within the Gulf of Thailand. The contract is scheduled to commence in May 2013 for approximately 100 days.

Mermaid's DP2 construction barge Mermaid Siam has been contracted to provide accommodation services for over 100 offshore personnel inclusive of ancillary services to support offshore construction works in Qatar. The contract is scheduled to commence in May 2013 for a period of five months with a three month extension option.

"These multiple wins across various regions are notable as they reflect our ongoing efforts to support our clients wherever they may operate and also the confidence and satisfaction that our clients have in our quality services," said Mr. Chalermchai Mahagitsiri, Chief Executive Officer of Mermaid.

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