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Mermaid Maritime secures contract award for submarine cable survey in Middle East

Staff Writer |
Mermaid Maritime Public Company Limited announced that its Middle East business unit has been awarded a long-term cable survey contract in the Middle East with an estimated value of $7 million.

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The highlighted package of work, due to commence in the third quarter of 2017, will involve use of a Mermaid chartered-in vessel with geophysical survey personnel, equipment and a survey class ROV onboard, carrying out survey of a submarine cable network for a national upstream oil and gas company offshore in the Middle East GCC.

The duration of the contract is for approximately 21 months with an option for further cable inspection work at additional rates.

Mermaid’s contract win announcements as published from time to time on SGXNet are not exhaustive as Mermaid continues to be awarded other smaller contracts in the ordinary course of business which are added to its order book.

Assuming that the contract had commenced and had been completed within the most recent financial year (the company’s last financial year ended December 31, 2016), the contract would have had a non-material 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.

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