Mermaid Wins Inspection, Repair & Maintenance Contract in Indonesia
Mermaid Maritime announced that its subsidiary PT Seascape Surveys Indonesia ("Seascape Surveys") has been awarded the 2009 Inspection, Repair and Maintenance (IRM) contract by ConocoPhillips Indonesia. The project, which will commence in early June 2009, will utilize Mermaid Offshore Services Ltd.'s ("MOS") chartered DP2 vessel M.V. 'Binh Minh', and MOS' remotely operated vehicle (ROV) systems. Seascape Surveys will be providing survey, positioning and reporting on the project which has a total value of approximately US $7.85 million and is scheduled to run for approximately four (4) months.
The Seascape Surveys group provides hydrographic survey and positioning services to the offshore oil and gas industry. Prior to MOS' acquisition of 80% of this group in 2008, they were MOS' largest subcontractor. MOS is a wholly owed subsidiary of the Company. The acquisition allowed the implementation of the Company's strategy to provide a range of high quality sub-sea engineering services "in-house".
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