Mermaid Maritime Public Company Limited (“Mermaid”) announces that its South East Asian business units have recently been awarded subsea contracts from oil majors with a combined total estimated potential contract value of USD 4.3 million.
The first highlighted package of work involves the DP2 Dive Support Vessel ‘Mermaid Sapphire’ with a Work Class ROV and cement/grouting spread carrying-out a 16-day lump sum project involving subsea pipeline freespan rectification for a national upstream oil and gas company in the Gulf of Thailand.
Mermaid Sapphire: Photo credit: Mermaid Maritime
The second highlighted package of work involves a 2-year contract carrying out site survey & navigation services offshore East Kalimantan, Indonesia, for an international upstream oil and gas company using the client’s or third party chartered-in vessel.
Mermaid’s contract win announcements as published from time to time on SGXNet are not exhaustive as Mermaid continues to be awarded other smaller contracts from time to time in the ordinary course of business which are added to its order book.
Financial Effects
Assuming that the contracts had commenced and had been completed within the most recent financial year (the Company’s last financial year ended 31 December 2016), the contracts would have had a non-material 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.
Interest of Directors and Controlling Shareholders
None of the directors or controlling shareholders of the Company has any interest, direct, or indirect, in the contracts. There are also no new directors proposed to be appointed to the Company in connection with the contracts.
