The contract extension (including several medium-term subcontract awards), worth approximately
US$ 125 million to Mermaid, has been secured with a reputable oil major by a joint-venture
company formed between Mermaid and a local offshore services operator in a GCC country in the
Middle East. The duration of the contract extension is for a firm period of one year.
Mermaid Maritime Public Company Limited (“Mermaid”) is pleased to announce that its joint-
venture company formed between Mermaid and a local offshore services operator has secured a
one-year contract extension for offshore inspection, repair and maintenance services with a
national upstream oil and gas company in direct continuation to its current contract, which
commenced in 2012. Mermaid will continue to provide a suite of diving services using its DP2
saturation dive support vessel “Mermaid Asiana” along with remotely operated vehicles,
specialized diving equipment and divers. Mermaid’s joint venture partner, a reputable offshore and
marine services company, will provide other offshore vessel related services and logistics.
Mermaid’s portion of the total contract value for the one-year extension period is estimated to be
approximately US$ 125 million, including several medium-term subcontract awards. The contract
extension will continue until the fourth quarter 2025.
“For Mermaid, this contract extension is the result of the excellent service that we provide and
represents a stream of stable revenue to strengthen our forward book. It is also in line with our
strategic initiative to maintaining our presence in the region and as a platform for further growth
and expansion”, said Mr. Chalermchai Mahagitsiri, Chief Executive Officer of Mermaid.
