Mermaid Secures $11M in Subsea Contracts, Defers Delivery of 2 TAD Rigs

Thailand's Mermaid Maritime Public Co. Ltd. disclosed Friday that the firm's Western Hemisphere business unit (MSSW) has recently secured seven different subsea projects, worth around $11 million, in the Middle East.

The workscope for the projects include subsea survey, inspection, repair and maintenance as well as light construction offshore Qatar and Saudi Arabia in areas such as Manifa, Safaniya, Zuluf and Tanajib. Most of these projects will be completed by late August, with Mermaid’s dynamic positioning 2 (DP2) Dive Support Vessel "Mermaid Endurer" commencing May 8 a 100-day long construction intervention assignment in Qatar.

"Mermaid Endurer is the pride of the fleet of Mermaid, and we are pleased to have the ship deployed once again here in Qatar ... Additionally, the chartered-in DP2 construction barge Mubarak Supporter has just completed a successful cable laying campaign, and will demobilize in the Kingdom of Saudi Arabia over the coming days,” Mermaid’s CEO Chalermchai Mahagitsiri said in the press release.

Meantime, Mermaid’s Eastern Hemisphere business unit (MSSE) bagged a one year extension of its subsea construction support services contract with a major engineering, procurement, construction, installation and commissioning (EPCIC) contractor in Thailand serving a major international upstream oil and gas operator. The existing two year $51 million contract, with a work duration of 325 days, was extended beyond end December 2016 to end December 2017. Mermaid indicated that the work scope for the extension will be similar to the previous contract and the DP2 Dive Support Vessel "Mermaid Commander" along with diving systems, plus associated equipment and specialist personnel will be deployed for the assignment .

Separately, Mermaid’s associate firm Asia Offshore Drilling Ltd. (AOD) has secured a three month interim contract extension for its jackup AOD I (400' ILC) to July at a day rate of $125,000 effective from January. However the contracts for AOD II (400’ ILC) and AOD III (400’ ILC) will expire in July and October respectively.

Elsewhere, Mermaid and China Merchants Industry Holding Co. Ltd. has agreed to defer delivery of two tender assist drilling rigs -- MTR-3 and MTR-4 -- and a DP2 dive support and construction vessel "Mermaid Ausana" ordered by the Thai firm in January 2014 that were targeted for delivery this year. The two tender rigs will now be delivered by Dec. 31, while the vessel will be handed over by June 30, 2017.

"Arising from this arrangement, the Company now has aligned its strategic initiatives with market conditions through extended time to consider and implement preferred courses of action for the application of these assets. This includes, but shall not be limited to, accepting delivery of one or more of these assets from the Builder on or before the respective Delivery Dates, or sale and disposal of the same to interested third parties," Mermaid said in the press release.

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