Mermaid adds multiple contracts to its to-do list

Mermaid Group has secured multiple contracts through its subsidiaries in Thailand, the Middle East and the United Kingdom with a combined value ranging between $175 and $265 million.

The scope of work includes cable laying, inspection, repair and maintenance (IRM), decommissioning, and other related services.

Work has already commenced, and is planned, subject to certain options, to be completed in late 2025.

Mermaid expects the projects to contribute positively both to the group’s earnings per share and to the net tangible assets holdings for the financial year ending 31 December 2022 and beyond, barring any unforeseen circumstances.

“We would like to thank our clients for expressing their ongoing faith in Mermaid with these significant awards. They represent solid growth for us in all segments and serve specifically to auger a solid base for Mermaid’s continued success,” said Chalermchai Mahagistsiri, group CEO.

“Most importantly, both for stakeholders and Mermaid employees alike, the subject interventions offer vital life’s blood in terms of our near, and intermediate planning as Mermaid actively and carefully navigates our way clear of the pandemic, and through the upcoming energy transition.”

Mermaid Maritime established an indirect wholly-owned subsidiary in Thailand focused primarily on offshore and onshore decommissioning at the beginning of the year.

A few months later, the company launched an indirect 50%-owned subsidiary in the United Arab Emirates, whose primary activity is managing and operating the DP2 construction support vessel Millennium 3.

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