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.
The brisk business done by our subsea services segment is testimony that our shallow water biased fleet remains in strong demand globally. These recent additions also enhance Mermaid’s reputation by leading the way in the deployment of a technologically advanced and modern fleet. With an overall order book of $470 million and the potential for more near-term contract wins, we are optimistic that our plans for product and geographical expansion remain on track.”
Mermaid has been regularly awarded contracts for new jobs, with the most recent being $45 million worth of contracts for subsea works in the Middle East announced in September. The Group is looking to boost its order book by participating in the bidding process for a promising pipeline of contracts scheduled to begin in 2015. The current outstanding order book of $470 million, mostly to be performed in 2015 and 2016, will keep the Group busy with a steady flow of activities.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Oil Falls as US Inventories Increase
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Ithaca Energy Studies Deal for Eni's UK Upstream Assets
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call