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Mermaid Maritime wins Middle East contracts worth up to US$ 45million
Mermaid Maritime Public Company Limited announced that it has been awarded 2 saturation diving contracts in the Middle East. These two contracts are estimated to last for 6 to 8 months. They are worth an estimated US$40-45 million. The contracts involve the charter-in of a Multi-purpose Support Vessel and the deployment of Mermaid Maritime’s specialised diving equipment, remotely operated vehicles, specialised divers and other project crew. The service is thus a full integrated service. Going forward, Mermaid Maritime expects to continue with the charter-in of additional vessels given the current demand and high utilisation of its own vessels on their existing contracts.
GET TO THE POINT : When a company needs to charter-in vessels for contracts won, this must mean that its own vessels are already utilised in good value contracts. This is an interesting snapshot of activity in the Subsea space currently as well as the prospects of Mermaid Maritime’s Subsea business.
(Picture from Mermaid Maritime Public Company Limited)
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