ASEAN: Mermaid secures 2-year subsea contract worth US$50 mln in Gulf of Thailand

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JAKARTA (rambuenergy.com) – Mermaid Maritime Public Company Limited, a Bangkok-based provider of subsea and drilling services for the offshore oil and gas industry, said that it has secured a 2-year contract for its dive support vessel, ‘Mermaid Commander’. The contract has an estimated value of US$50 million.

Under the contract, the company will provide subsea construction support in the Gulf of Thailand for a repeat international fabrication and installation contractor whose end customer is a major international upstream oil and gas operator.

The 2-year contract will be for subsea construction and will be performed using saturation diving and will include the installation of numerous spool pieces, risers, wyes, tees, etc. Additional services include the provision of a remotely operated vehicle (“ROV”), survey, and a spool fabrication spread.

The contract duration, scheduled to start in April 2015, will be in excess of 130 days per year for the requirement of both 2015 and 2016, serving the entirety of the customer’s campaign in the Gulf of Thailand.

The company said day rates are improved compared to the current year, while the contract duration is for 2-years instead of one. This was achieved despite recent oil price weakness.

The award of the new contract represents the 10th and 11th consecutive years that Mermaid has undertaken work to provide support for this repeat customer.

“We have consistently won contracts despite the recent weakness oil prices, and the ongoing demand for our scope of services is a strong indication of our proven track record and continued standing as a leading provider of subsea and drilling services in the oil & gas industry,” Chalermchai Mahagitsiri, Chief Executive Officer of Mermaid said.

“We will continue to maintain our high standards and ensure that Mermaid remains in prime position for any future contract awards.”

The company owns a fleet of seven subsea vessels that are operating in Southeast Asia, Middle East and the North Sea. In Indonesia, the company has subsidiary called PT Seascape Surveys Indonesia. (*)