Mermaid wins diving, cable lay projects worth $30 million

12/4/2013

Mermaid wins diving, cable lay projects worth $30 million

BANGKOK, Thailand -- Mermaid Maritime Public Company Limited has announced that its business units serving the Middle East have recently been awarded a suite of subsea service contracts for air diving services, including air diving for pipeline free-span correction and a subsea cable lay contract.

All contract awards were secured through Mermaid’s wholly-owned subsidiary Subtech Ltd. and Mermaid’s joint venture entity Zamil Mermaid Offshore Services LLC and are scheduled for commencement in December 2013 for an estimated duration of up to six months. The combined value of these contract awards is estimated at $30 million.

The subsea cable lay contract will utilize a chartered-in DP2 construction barge, Mubarak Supporter. This construction barge is the latest addition to Mermaid’s fleet to serve its expanding customer base and requirements in the Middle East. The construction barge is on an initial six-month charter to Subtech Ltd. with the possibility of further extensions.

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