Thailand-based Mermaid has clinched a significant contract extension in a joint venture with a local offshore services operator in a Gulf Cooperation Council (GCC) country in the Middle East.
The agreement entails the continuation of offshore inspection, repair, and maintenance services for a “reputable oil major” in the region, the company announced.
The contract extension spans a firm period of one year, seamlessly rolling over from the existing contract initiated in 2012. Mermaid, leveraging its expertise, will deploy a comprehensive suite of diving services utilising its state-of-the-art 2010-built DP2 saturation dive support vessel (DSV) named Mermaid Asiana, alongside remotely operated vehicles (ROVs), specialised diving equipment, and skilled divers. Meanwhile, the joint venture partner will contribute complementary offshore vessel-related services and logistics.
Mermaid anticipates its share of the contract’s total value for the one-year extension period to reach approximately $125 million, encompassing multiple medium-term subcontract awards. The extension is slated to run until the fourth quarter of 2025, providing a significant revenue stream for the company.
Chalermchai Mahagitsiri, CEO of Mermaid, expressed his satisfaction, stating, “For Mermaid, this contract extension is the result of the excellent service that we provide and represents a stream of stable revenue to strengthen our forward book. It is also in line with our strategic initiative to maintaining our presence in the region and as a platform for further growth and expansion.”
Mermaid’s latest success in the Middle East comes in the wake of its recent venture into Vietnam’s offshore subsea services market. The company established a joint venture with a local partner in Vietnam to offer a spectrum of offshore subsea services, ROV services, vessel chartering, and transportation and installation support services.
