Mermaid Secures Sub‐Sea Services Call out Contract With Chevron In the Gulf Of Thailand
Friday, Feb 26, 2010
3 year call out contract for turnkey sub‐sea services valued at approximately USD 15 million positions Mermaid as Chevron’s first point of contract for call‐out work to support its offshore facilities and offshore fields in the Gulf of Thailand.
Mermaid Maritime Public Company Limited is pleased to announce that its wholly owned subsidiary Mermaid Offshore Services Ltd. (“MOS”), one of the region’s leading provider of sub‐sea engineering services to the offshore oil and gas industry, has secured a three (3) year contract to provide call out turnkey diving and remotely operate vehicle (“ROV”) services and call out turnkey saturation diving vessel services to support our oil & gas client’s offshore facilities and offshore fields in the Gulf of Thailand (“Contract”). The Contract allows Mermaid to offer any of its available vessels and related sub‐sea services (specialized ROVs, equipment and personnel) to this client depending on its call‐out requirements, with current planned work scope for the first year expected to be performed utilizing the M.V. “Mermaid Performer” and M.V. “Mermaid Supporter”. MOS has been providing this client with turnkey call out sub‐sea services since 2006.
Assuming that the Contract had commenced and had been completed within the most recent financial year (the Company’s last financial year ended 30 September 2009), the performance of the Contract would not have had a material effect on the earnings per share of the Company for that financial year since the Company was already performing such services for this client at that time, and would not have had an effect on the net tangible assets per share of the Company for that financial year since the Contract will be utilizing existing assets and resources.
Interest of Directors and Controlling Shareholders
None of the directors or controlling shareholders of the Company has any interest, direct or indirect, in the Contract. There are also no new directors proposed to be appointed to the Company in connection with the Contract.