Mermaid Maritime scoops $120 million worth of contracts

Mermaid Maritime Limited (MML) has secured multiple contracts in Thailand, Angola and Saudi Arabia with a combined value of approximately $120 million.

Mermaid Maritime will provide subsea construction, IRM, subsea wellhead cutting and removal services in Thailand, and multiple cable-lay scopes and sat diving interventions with long-standing clients in Saudi Arabia.

In Angola, MML will carry out a three-year survey project, with options to extend, providing the services onboard client-supplied vessels in the region.

“Our first subsea wellhead decommissioning campaign in the Gulf of Thailand combines the strength of our decommissioning team, along with state-of-the-art ROV technology and capable offshore vessels to deliver a “best in class” solution for our client,” said Chalermchai Mahagitsiri, Mermaid’s CEO.

“The recent award of a long-term survey scope in Angola is part of a strategic expansion of the global footprint of MML by our new management. This award ably demonstrates the deployability of MML’s diversified service offerings and significant capabilities. Several synergies will flow from this early stage award and it puts MML ahead of its ambitions in this regard with more announcements to follow.”

The company revealed it had recently completed the acquisition of considerable cable assets, and that the cable business represents almost half of recent awards, and circa 30% of the forward book in the near term.

The division has secured a number of contracts for the installation of subsea power cables, umbilicals and flexibles offshore in a number of oil fields in Saudi Arabia.

The cable-laying business is now headquartered in Dubai along with the other global subsea services support departments.

A few days ago, Mermaid Subsea Services (Thailand) (MSST) entered into a memorandum of understanding (MoU) with PT David Marine for the purchase of a 50% ownership share in DP2 construction support vessel Millennium 3.

The move comes as the company believes that purchasing an interest in the vessel will increase its ability to pursue opportunities related to subsea cable-lay activities in the Persian Gulf region and other subsea-related projects.