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Mermaid awarded additional USD 30 million diving and cable lay projects in Middle East

Wednesday, Nov 27, 2013

Mermaid Maritime Public Company Limited (“Mermaid”) is pleased to announce that its business units serving the Middle East hasrecently been awarded a suite of subsea services contracts for air diving services including air diving forpipeline free-span correction and asubsea cable lay contract.

All contract awards were secured through Mermaid’s wholly owned subsidiary Subtech Ltd. (Seychelles) and Mermaid’s joint venture entity Zamil Mermaid Offshore Services LLC and are scheduled for commencement in December 2013 for an estimated duration of up to six months. The combined value of these contract awards is estimated at USD 30 million.

The subsea cable lay contract will utilize a chartered-in DP2 construction barge Mubarak Supporter (the “Construction Barge”). This Construction Bargeis the latest addition to Mermaid’s fleet to serve its expanding customer base and requirementsin the Middle East.The Construction Bargeis on an initial six-monthcharter to SubtechLtd. (Seychelles) with possibility of further extensions.

Source: Mermaid Maritime

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