Mermaid Maritime Charters 3 Vessels for Subsea Work Offshore ME, Thailand

Mermaid Maritime Public Company Limited (Mermaid, MMT or the Group), a leading provider of subsea and drilling services for the global offshore oil and gas industry, disclosed Thursday that the Group has chartered in three additional vessels in the past month to take on new projects, on the back of strong demand for its services.

The Group has recently chartered-in the ‘Siem Daya 2’, an offshore subsea construction vessel to provide subsea cable laying installation support services in the Middle East for an upstream national oil and gas major. The ‘Siem Daya 2’ will be on hire until early January 2015 with options for further extension depending on additional work availability.

In October, the Group also chartered-in the ‘Mubarak Carrier’, a construction barge for short term work on subsea cable lay trenching support in the Middle East for an upstream national oil and gas major as well as the ‘Harkand Harmony’, a remotely-operated vehicle (ROV) and survey support vessel for gas detection work in the Gulf of Thailand for an international upstream oil and gas major. Both charters will cater to additional short-term customer requirements scheduled to be completed this November.

These charter-in vessels join the Group’s owns fleet of seven subsea vessels that include the ‘Mermaid Asiana’, and ‘Mermaid Siam’ located in the Middle East; the ‘Mermaid Commander’, ‘Mermaid Sapphire’, ‘Mermaid Challenger’ and ‘Barakuda’ located in South East Asia; and the ‘Mermaid Endurer’ located in the North Sea. Other vessels also on charter-in by Mermaid are the ‘Bourbon Evolution’ and ‘Mubarak Supporter’ in the Middle East; and the ‘Endeavour’ and ‘Resolution’ in South East Asia.

In addition to doubling the existing subsea fleet size and thus maintaining a healthy mix between owned vessels and chartered-in vessels, Mermaid’s charter-in vessels also bring with them added competitive advantage to Mermaid. In particular, the ‘Siem Daya 2’ and the ‘Bourbon Evolution’ are state-of-the-art DP3 subsea vessels recently delivered from their respective shipyards and the ‘Mubarak Supporter’ is a newly built DP2 construction barge. The ‘Endeavour’ and ‘Resolution’ also have their own edge in being modern Indonesian flagged vessels thus enabling Mermaid to operate in Indonesia’s cabotage markets.

The strong demand for the Group’s scope of services reflects its continued standing as a safe and steady investment in the oil & gas sector as the Group’s vessels and rigs are used in the oil & gas production phases and thus are less exposed to curbs in spending, with demand remaining relatively intact.

Chalermchai Mahagitsiri, CEO of Mermaid said, “With many of our key assets serving existing contracts, the Group has had to charter-in additional vessels to fulfill strong demand for our scope of services, bringing our operational fleet up to 14.


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