Mermaid Maritime Public Company Limited ("Mermaid") wishes to announce that its wholly owned subsidiary Mermaid Offshore Services Ltd. ("MOS"), one of the region’s leading provider of subsea engineering services to the offshore oil and gas industry, has secured a contract with the National Petroleum Construction Company in Abu Dhabi to provide subsea construction support with air and saturation diving services and remotely operated vehicles ("ROV") in the Persian Gulf from the DP2 Dive Support Vessel Team Siam. The contract was won through its strong alliance with local Qatari based Subtech Qatar Diving and Marine Services LLC.
This latest project, which has already commenced, will be for 90 days and has a contract value of approximately US$10 million. It is also Mermaid's first subsea project in the Middle East, and adds to Mermaid's geographical expansion of its subsea services beyond South East Asia. In 2008, Mermaid expanded its subsea services to include India, China and Sakhlin.
Mermaid is also expanding its fleet of specialized subsea vessels with an additional two newbuilds currently under construction. The first vessel is the Mermaid Asiana, a DP2 dive support vessel, and the second vessel is the Mermaid Sapphire, a DP2 ROV support vessel. Delivery is scheduled for mid and late 2009 respectively.