Mermaid's Units Bags $30M Subsea Services Deals for Work in the Middle East

Thailand-based Mermaid Maritime Public Company Limited (Mermaid) announced Tuesday that its business units serving the Middle East has recently been awarded a suite of subsea services contracts for air diving services including air diving for pipeline free-span correction and a subsea cable lay contract.

All contract awards were secured through Mermaid’s wholly owned subsidiary Subtech Ltd. (Seychelles) and Mermaid’s joint venture entity Zamil Mermaid Offshore Services LLC and are scheduled for commencement in December 2013 for an estimated duration of up to six months. The combined value of these contract awards is estimated at $30 million.

The subsea cable lay contract will utilize a chartered-in dynamic positioning 2 (DP2) construction barge Mubarak Supporter (the Construction Barge). This Construction Barge is the latest addition to Mermaid’s fleet to serve its expanding customer base and requirements in the Middle East. The Construction Barge is on an initial six-month charter to Subtech Ltd. (Seychelles) with possibility of further extensions.

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 Sept. 30), the performance by the Company of 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.

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