Mermaid's Indonesian Unit Bags $55M Offshore IRM Contract

Thailand-based Mermaid Maritime Public Company Limited (Mermaid or Company) announced that its subsidiary PT Seascape Surveys Indonesia (Seascape) has been awarded an initial of two years contract, with a one year option, to provide offshore Inspection, Repair and Maintenance (IRM) services to a major Indonesian based upstream oil and gas operator.

The estimated contract value for the initial term is $55 million and will utilize the Indonesian flagged dynamic positioning 2 (DP2) vessel, M.V. Endeavour, which is on long-term charter to Seascape. Seascape will be directly providing full service air diving and remotely operated vehicle (ROV) spreads for this IRM campaign through in-house resources and is the first major diving contract Seascape has undertaken to date.

“This marks another important step in the development of Seascape, as we further expand our service offerings into diving services based on the demand for our services from the Indonesian market”, said Chalermchai Mahagitsiri, CEO of Mermaid.

“For Seascape, this is our first diving contract, which will be performed directly by Seascape through in-house resources. We believe this a tremendous accomplishment for Seascape and appreciate the trust that our client has in Seascape to undertake this project”, added Peter Reichlmeier, managing director of Seascape.

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, 2012), 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.

Please be informed accordingly.


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