Mermaid Secures Sub-Sea Services Call Out Contract With Chevron In The Gulf Of Thailand
Feb 25, 2010
3 year call out contract for turnkey sub-sea services valued at approximately USD 15
million positions Mermaid as Chevron’s first point of contract for call-out work to support
its offshore facilities and offshore fields in the Gulf of Thailand.
Mermaid Maritime Public Company Limited (“Company”) is pleased to announce that its
wholly owned subsidiary Mermaid Offshore Services Ltd. (“MOS”), one of the region’s
leading provider of sub-sea engineering services to the offshore oil and gas industry, has
secured a three (3) year contract to provide call out turnkey diving and remotely operate
vehicle (“ROV”) services and call out turnkey saturation diving vessel services to support
our oil & gas client’s offshore facilities and offshore fields in the Gulf of Thailand
(“Contract”). The Contract allows Mermaid to offer any of its available vessels and related
sub-sea services (specialized ROVs, equipment and personnel) to this client depending on its
call-out requirements, with current planned work scope for the first year expected to be
performed utilizing the M.V. “Mermaid Performer” and M.V. “Mermaid Supporter”. MOS
has been providing this client with turnkey call out sub-sea services since 2006.
Financial Effects
Assuming that the Contract had commenced and had been completed within the most
recent financial year (the Company’s last financial year ended 30 September 2009), the
performance of the Contract would not have had a material effect on the earnings per share
of the Company for that financial year since the Company was already performing such
services for this client at that time, and would not have had an effect on the net tangible
assets per share of the Company for that financial year since the Contract will be utilizing
existing assets and resources.
Interest of Directors and Controlling Shareholders
None of the directors or controlling shareholders of the Company has any interest, direct or
indirect, in the Contract. There are also no new directors proposed to be appointed to the
Company in connection with the Contract.
Mermaid Maritime Public Company Limited
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