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Mermaid Maritime JV signs one-year key contract extension for subsea services

The company’s portion of the contract is worth US$125 million.

Mermaid Maritime has, through its joint venture (JV), signed a one-year contract extension that will continue till the 4Q2025.

The JV was formed by Mermaid Maritime Du4 and a local offshore services operator in a Gulf Cooperation Council (FCC) country.

Mermaid’s portion of the contract is worth US$125 million ($169.6 million).

The contract is for offshore inspection, repair and maintenance services with a national upstream oil and gas company in direct continuation to its current contract. The current contract commenced in 2012.

According to Mermaid, it will continue to provide a suite of diving services using its DP2 saturation dive support vessel “Mermaid Asiana” along with remotely operated vehicles, specialised diving equipment and divers.

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Mermaid’s JV partner will provide other offshore vessel related services and logistics.

“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”, says Chalermchai Mahagitsiri, Mermaid’s CEO.

As at 3.55pm, shares in Mermaid are trading 0.1 cent higher or 0.7% up at 14.4 cents.

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