Mermaid Maritime Public Company Limited is pleased 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 providing Remote Operated Vehicle (ROV) services utilizing the newbuild DP2 ROV Support Vessel Mermaid Sapphire and its built‐in ROV systems for an end‐client who is a major oil and gas operator in the Sakhalin region.
The contract is the second major work assignment for this newbuild vessel since her delivery. The Mermaid Sapphire is presently on contract to PTT Exploration and Production Plc. (PTTEP) in the Gulf of Thailand, with contract completion scheduled for this month of June 2010. This next contract in the Sakhalin region is scheduled to commence promptly upon completion and demobilization from PTTEP, and is for an estimated duration of seventy (70) days. The value of the contract is approximately USD 2.8 million.