MERMAID SECURES CONTRACT FORContract for Irm / Saturation Diving Operations • November 18th, 2011
Mermaid Maritime Public Company Limited (“Company”) is pleased to announce that its subsidiary Subtech Ltd. (Seychelles), a leading provider of quality turnkey sub‐sea engineering services, has secured a contract award to provide subsea Inspection, Repair, and Maintenance services (“IRM”) along with Saturation Diving Operations for an end client who is a major oil and gas company with a presence in West Africa (“Contract”). The duration of this Contract is firm for one hundred twenty (120) days and if all options are exercised will be up to one hundred eighty (180) days. The approximate Contract value is USD 11.5 million and will commence in December 2011. This will mark a first for the “Mermaid Endurer” operating off the Congo in West Africa.
