Mermaid Secures Drilling Contract Award for 'MTR-2' in Indonesia
Bangkok, Thailand, 23 May 2012 - Mermaid Maritime Public Company Limited ("Company") is pleased to announce that its subsidiary MTR-2 Ltd. has secured a contract award with its existing client, an international upstream oil and gas company, to provide drilling and related services using the tender drilling rig MTR-2' for the client's offshore oil and gas fields in Indonesia.
The contract came into effect on 15 May 2012 and is back-to-back with the previous drilling contract, which ended on 14 May 2012. The duration of this contract is for 6 months and has a potential value of approximately USD 16.1 million.
Upon completion of this contract, the MTR-2' is scheduled to undergo a 4-month compulsory special periodic survey to ensure solid structural integrity and performance. The survey underlines Mermaid's dedication to provide world-class services to its customers, and the MTR-2' rig will immediately resume providing services under new contracts after the survey's completion.
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.
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 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