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Mermaid's Seascape unit awarded USD 55 million subsea services contract in Indonesia

Back Sep 18, 2013

Bangkok, Thailand, 18 September 2013 - Thoresen Thai Agencies Public Company Limited (“TTA”) announced today that PT Seascape Surveys Indonesia ("Seascape"), a subsidiary of Mermaid Maritime Public Company Limited (“Mermaid”), has recently been awarded a two-year contract to provide offshore inspection, repair, and maintenance (“IRM”) services to a major Indonesia-based upstream oil and gas operator.

The estimated contract value for the initial term is USD 55 million. The contract also offers an option for an additional one-year term. To service the deal, Seascape will utilise Indonesian flagged DP2 vessel M.V. Endeavour, which is on long-term charter from parent company Mermaid.

Seascape will directly provide full service air diving and remotely operated vehicle (“ROV”) spreads for this IRM campaign through in-house resources. The deal represents Seascape’s first major diving contract.

“This deal marks another important step in the development of Seascape. This contract is strong testament to Seascape’s growing reputation in the Indonesian market,” said Mr. Chalermchai Mahagitsiri, Executive Vice Chairman of TTA and Chief Executive Officer of Mermaid.

Late last week, Mermaid successfully raised SGD 159,513,860.52 to fund the potential purchase of additional drilling assets through a rights issue. Shareholders subscribed to a total of 569,692,359 rights shares, representing 90.7% of the total number available. This number includes full subscription by Mermaid parent company TTA, which purchased 358,731,472 rights shares.

Concluded Mr. Mahagitsiri, “Mermaid’s expansion and fleet renewal will be fundamental cornerstones of TTA’s recovery and growth going into 2014, as exploration and production in the oil and gas industry continues to heat up throughout Asia and the Middle East.”