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Mermaid’s Subtech Unit Lands New Subsea Services Contracts in Qatar

04/25/2012

Mermaid Maritime Public Company Limited announces that its business unit Subtech Qatar Diving and Marine Services LLC has recently been awarded three new contracts with new and existing clients. The first contract has already started and has an estimated value of USD 2.2 million. The second contract will start in early June 2012 with an estimated contract value of USD 3.6 million. Both these contracts will be using Mermaid’s specialized vessel M.V. ‘Mermaid Siam’ and is together scheduled to cover a period of approximately eight weeks. The third contract is for air diving and support services including saturation diving services and is for a period of over two years with commencement scheduled for May 2012. This contract has a potential value of USD 8.2 million. The combined value of all the above contract awards is approximately USD 14 million.

“We thank our clients for expressing their confidence in Subtech in the form of these awards. Our growth remains within our core areas of historical focus and we are proud to continue to offer the same level of quality of services that has accounted for our success to date. Subtech will continue to partner with our clients to collectively achieve our mutual goals in the region”, said Mr. Paul B. Whiley, Managing Director of Subtech. “These multiple wins are notable as they signify a serious intention to build on our on-going efforts to streamline our operations across all our subsea business units to be able to offer the same services in the geographies we operate”, said Mr. Bruce M. Gemmell, Chief Executive Officer of Mermaid.