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Mermaid secures additional subsea contract awards in the Asian region

June 7, 2016

Strategy to expand the geographical reach of its essential subsea services to more markets bears fruit. Contract wins now include India and South Korea.

Mermaid Maritime Public Company Limited (“Mermaid” or “Company”) is pleased to announce that Mermaid’s subsidiaries, Seascape Surveys Pte. Ltd. and PT Seascape Surveys Indonesia (collectively referred to as “Seascape Group”), have recently been awarded six (6) different subsea works in the Asian region with an estimated aggregate contract value of USD 15 million.

The various work scopes include subsea survey, inspection, repair and maintenance using saturation diving, air diving and the use of underwater Remotely Operated Vehicles (“ROVs”). The jobs will be performed in various offshore areas of South Korea and India, and in various regions of Indonesia such as the Natuna Sea, Bali, North Sea, Makassar Strait and the Java Sea. These projects have an individual working duration ranging from 20 days to 90 days. Most of them will be completed by November 2016.

Financial Effects

Assuming that the contracts had commenced and had been completed within the most recent financial year (the Company’s last financial year ended 31 December 2015), the performance by the Company of the contracts would have had a nonmaterial effect on the earnings per share of the Company (on a consolidated basis) and a non-material effect on the net tangible assets per share of the Company (on a consolidated basis) for that financial year.

Interest of Directors and Controlling Shareholders

None of the directors or controlling shareholders of the Company has any interest,  direct, or indirect, in the contracts. There are also no new directors proposed to be appointed to the Company in connection with the contracts.

 

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