TTA subsidiary awarded lucrative subsea services contracts in the Middle East worth up to US$ 14 million
Bangkok / Doha, 03 May 2012 -- Subtech Qatar Diving and Marine Services LLC ("Subtech"), a business unit of Mermaid Maritime Public Company Limited ("Mermaid"), has been awarded three subsea services contracts with new and existing oil and gas development clients operating in the Middle East worth up to US$14 million.
The first two contracts are for Mermaid's specialised vessel M.V. Mermaid Siam' and over a period of eight weeks, are worth approximately US$5.8 million. The M.V. Mermaid Siam' has already been deployed to the Persian Gulf for the first of these assignments.
The third contract is for air diving and other support services over a period of more than two years beginning May 2012. This contract has a potential value of US$8.2 million and will likewise be carried out in the Persian Gulf area.
"The wins we are announcing today are particularly noteworthy, because they validate our on-going efforts to streamline operations across all of our subsea business units with the intention of offering a consistent set of top quality services - and if required, vessels - throughout the geographies in which we operate", said Mr. Bruce M. Gemmell, Chief Executive Officer of Mermaid. "These three contracts are testament that this strategic imperative to develop stronger synergies between our operating units is bearing fruit as we strive to further expand our services into the Middle East and beyond."
Listed on the Singapore Exchange, Mermaid is a majority-owned subsidiary of Thoresen Thai Agencies Plc ("TTA"), a Bangkok-listed strategic investment group that oversees a diversified business portfolio of transport, energy, and infrastructure assets in Thailand and regionally.
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).
Mermaid Maritime Public Company Limited ("Mermaid") is a leading provider of subsea and drilling services for the offshore oil and gas industry. Founded by Danish mariners in 1983, the group has since developed a strong blue chip client base that includes some of the world's largest oil and gas-related companies, and is recognized for its client-supportive approach and high quality services delivered safely and efficiently. Its subsea division is represented by Mermaid Offshore Services, Subtech Middle East and Seascape Surveys, which operates as a unified structured unit across markets offering clients a comprehensive range of subsea solutions through a highly competent technical and operations workforce operating out of Thailand, Qatar and Indonesia. The subsea group owns and operates eight (8) subsea vessels, three (3) of which are specialized dive support vessels (DSVs), four (4) saturation diving systems and twelve (12) remotely operated vehicle (ROV) systems, all of which can be deployed to any region. Through an international commercial office in Singapore, the subsea group serves clients across South East Asia, India, China, the Mediterranean, West Africa the Middle East and Brazil. Mermaid's drilling division comprises Mermaid Drilling, which provides tender-assist drilling and accommodation barge services through its ownership of two (2) tender rigs, and its investments with Seadrill Ltd. in Asia Offshore Drilling, which has three (3) high specification premium jack-up drilling 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 (MMT:SP). For more information, please visit www.mermaid-maritime.com
For further information, please contact:
Thoresen Thai Agencies Plc
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