Mermaid Bags $19M ROV Services Contract in the Gulf of Thailand

Mermaid Maritime Public Company Limited (Mermaid or Company) reported Thursday that its subsidiary Mermaid Offshore Services Ltd. (MOS) has been awarded a call off contract for subsea remotely operated vehicle (ROV) services in Thailand serving major upstream oil and gas operators.

The contract award has an estimated value of $19 million for an initial period of 2 years. The contract, which provides for Mermaid to serve customers in the Gulf of Thailand, requires the use of 2 ROV support vessels simultaneously and will utilize ‘Mermaid Sapphire’ and a vessel of opportunity. The duration of the contract is approximately 75 days for each vessel through 2016.

Financial Effects

Assuming that the contract had commenced and had been completed within the most recent financial year (the Company’s last financial year ended Sept. 30, 2013), the performance by the Company of the contract 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 contract. There are also no new directors proposed to be appointed to the Company in connection with the contract.

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