A joint venture company formed by Thailand-based Mermaid Maritime and an unnamed offshore services operator has secured a three-year contract extension for offshore inspection, maintenance, and repair (IMR) with a Middle East oil and gas company in direct continuation of an initial seven-year firm contract period.
Mermaid will continue provide a suite of diving services using the DP2 saturation dive support vessel Mermaid Asiana along with remotely operated vehicles (ROVs), specialised diving equipment and divers. The joint venture partner will provide offshore vessel-related services and logistics.
Mermaid's portion of the total contract value for the three-year extension period is estimated to be approximately US$162 million.
The commencement of the three-year extended period shall be initiated in phases with all phases scheduled to commence during the fourth quarter of 2019.