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News

Mermaid's MTR1 rig awarded US$ 4.9 million Indonesian accommodation barge contract

Back Feb 13, 2012

Bangkok, Thailand, 13 February 2012 - Mermaid Maritime Public Company Limited ("Mermaid"), a leading provider of drilling and sub-sea engineering services for the offshore oil and gas industry, announced that it has concluded an accommodation barge deal with Chevron in Indonesia worth up to US$ 4.9 million. The 150-day contract will engage Mermaid's MTR-1 rig in Indonesian waters in early April 2012.

Mr. Bruce Gemmell, CEO of Mermaid, commented, "MTR-1's deployment boosts the utilisation of our tender fleet and stands to make a positive contribution to the bottom line of our Mermaid Drilling business in fiscal 2012. The fact that this deal has been concluded with an existing client underscores Mermaid's focus on building lasting relationships by consistently providing world-class services to our valued clients across the region, while keeping our eyes on safety and the environment."

Mermaid's drilling interests also extend to recently-formed Asia Offshore Drilling ("AOD"), which was listed on the Oslo Stock Exchange in July 2011. AOD will take delivery of three modern high specification jack-up rigs in 2013.

"The construction of AOD's three jack-up rigs is progressing well, and market demand remains positive for jack-ups rigs. Increased activity in West Africa, Mexico, and the Middle East has pushed utilisation rates up to 96% for modern high-specification jack-up rigs. This situation has resulted in higher demand for older jack-up rigs, whose day rates have improved to a level that justifies reactivation costs. The demand situation bodes well for AOD, as it has begun marketing of its three rigs." added Gemmell.

Listed on the Singapore Exchange, Mermaid is a majority-owned subsidiary of Thoresen Thai Agencies Public Company Limited ("TTA"), a Bangkok-listed strategic investment group that oversees a diversified business portfolio of transport, energy, and infrastructure assets regionally.

About TTA
Thoresen Thai Agencies Public Company Limited ("TTA") is a strategic investment holding company listed on the Stock Exchange of Thailand (TTA:TB). Its investment strategy is to grow through a balanced and diversified business portfolio of transport, energy, and infrastructure assets, both domestically and internationally. TTA's evolution from a dry bulk shipping operator began in 2005 with an investment in subsea engineering firm Mermaid Maritime Public Company Limited, which has since been listed on the Singapore Stock Exchange (MMT:SP). Since then, TTA has acquired interests in fertiliser and logistics (Baconco Co., Ltd.) coal-related businesses (SKI Energy Resources Inc, Merton Group (Cyprus) Limited and Unique Mining Services Public Company Limited), petroleum tankers (Petrolift, Inc) and a port in Southern Vietnam (Baria Joint Stock Company of Service for Import Export of Agro Forestry Products and Fertilizers).

About Mermaid
Mermaid Maritime Public Company Limited ("Mermaid") is an Asian-based provider of subsea and drilling services for the offshore oil and gas industry. The group has developed a strong blue chip client base that includes some of the world's largest oil and gas-related companies. Its subsea division is represented by Mermaid Offshore Services Ltd. ("MOS") which operates as a 'one stop' subsea solution centre providing turnkey services through a highly skilled workforce and ownership of key assets, including eight (8) subsea vessels, three (3) of which are specialised dive support vessels ("DSVs"), four (4) saturation diving systems and twelve (12) remotely operated vehicle ("ROV") systems. MOS serves clients across South East Asia, India, China, the Mediterranean, West Africa the Middle East and Brazil. Mermaid's drilling division, Mermaid Drilling Ltd. ("MDL"), owns and two tender rigs and has through its associate Asia Offshore Drilling Ltd. ("AOD") invested in three high specification new build jack-up rigs under construction in Singapore with deliveries scheduled for 2013. Mermaid's corporate headquarters is located in Bangkok, Thailand and is listed on the Singapore Stock Exchange. Mermaid's mission is to be the offshore contractor of choice for its clients by delivering a world-class service through its integrated business units strategically located in Qatar, Singapore, Indonesia and Thailand. For more information, please visit www.mermaid-maritime.com