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Mermaid secures Asia subsea contract

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Oilfield Technology,

Mermaid Maritime Public Co. Ltd has reported that Mermaid’s subsidiaries, Seascape Surveys Pte. Ltd. and PT Seascape Surveys Indonesia, have recently been awarded six different subsea works in the Asian region with an estimated aggregate contract value of US$15 million.

The various work scopes include subsea survey, inspection, repair and maintenance using saturation diving, air diving and the use of underwater Remotely Operated Vehicles (ROVs). The jobs will be performed in various offshore areas of South Korea and India, and in various regions of Indonesia such as the Natuna Sea, Bali, North Sea, Makassar Strait and the Java Sea. These projects have an individual working duration ranging from 20 days to 90 days. Most of them will be completed by November 2016.

Assuming that the contracts had commenced and had been completed within the most recent financial year, the performance by the Company of the contracts would have had a nonmaterial effect on the earnings per share of the Company (on a consolidated basis) and a non-material effect on the net tangible assets per share of the Company (on a consolidated basis) for that financial year.

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