Mermaid Maritime Public Company (the “Company” together with its subsidiaries, correctly referred to as “Mermaid Group”), a leading International Subsea Service Group of companies, announces that its subsidiaries in Thailand, the Middle East, western Sub Sahara, and the United Kingdom have secured multiple project awards with the combined value of approximately USD 485 Million.

The subject project awards include cable laying, subsea pipeline tie-inns, inspection, repair and maintenance, decommissioning, and a bouquet of related services (collectively the “Projects”) Work on which starts in 2023 and is planned, subject to certain options, to complete in 2025.

“We would like to express our sincere gratitude to Mermaid’s valued clients for their continued trust and support, which has enabled us to achieve this remarkable success. These contract awards highlight not only a significant growth opportunity for Mermaid, but also reaffirm our position as a key player within our tier of the value chain in the energy space. These newly secured interventions actively endorse our vision and Group strategy, as we carefully position Mermaid within the Energy sector, and navigate a successful the future for our stakeholders. The momentum for our upward trend is now in place, and this of course contributes directly to sustaining our long-term growth and providing a sustained tangible future for our valued staff and their families. Our dedication to innovation, sustainability, environmental awareness and excellence will continue to drive Mermaid’s participation and shape our involvement in the future of the Energy industry.” said Chalermchai Mahagitsiri – Group CEO.

Barring any unforeseen circumstances, these Projects are expected to contribute positively both to Mermaid Group’s earnings per share, and to the net tangible assets holdings of the Group for the financial year ending December 31, 2023 and beyond.