Mermaid Maritime clinches $4.6m in subsea contracts

One of the contracts was awarded by an international EPCIC offshore contractor in the Middle East Gulf Cooperation Council (GCC) for a short remotely-operated vehicle (ROV) campaign for pipeline touchdown monitoring, with work scheduled to start in the third quarter this year.

The GCC comprises of six Middle Eastern countries – Saudi Arabia, Kuwait, Qatar, Bahrain, Oman and the UAE.

A second contract will involve the use of a diving vessel with ROV carrying out a subsea services project offshore East Kalimantan, Indonesia for an international upstream oil and gas company. The work is scheduled to commence in the fourth quarter of 2017.

“Mermaid is pleased to highlight that the first contract award is from a new customer in a new country in the Middle East GCC and the second contract award is from an incumbent long term customer in one of its key markets in Southeast Asia,” Singapore-listed Mermaid said.

“This is in line with Mermaid’s strategic initiative to retain its key customers and to seek out new customers in new regions to strengthen its market share and deliver sustainable growth,” it added.