Mermaid secures pipeline repair air-diving contract award in Singapore
Friday, Aug 04, 2017
Mermaid Maritime Public Company Limited (“Mermaid”) is proud to announce that its Singapore wholly-owned subsidiary has recently been awarded a subsea contract with an estimated value of USD 5 million.

The contract award, with work scheduled to commence in the third quarter of 2017 and to be completed in the fourth quarter of 2017, will involve use of a Company owned ROV support vessel and a chartered-in ROV support vessel with air diving systems, dredging equipment and concrete coating removal equipment to carry out an air diving job to clamp and repair a 48" pipeline and to change-out SBM hoses offshore Singapore for an international upstream oil and gas company.

In line with its strategy to secure new customers in new markets, Mermaid is pleased to add that this is the first time that it secured work of this kind in Singapore and with this customer. 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 from time to time in the ordinary course of business which are added to its order book.

Financial Effects

Assuming that the contract had commenced and had been completed within the most recent financial year (the Company’s last financial year ended 31 December 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.

Interest of Directors and Controlling Shareholders

None of the directors or controlling shareholders of the Company has any interest, direct, or indirect, in the contract. There are also no new directors proposed to be appointed to the Company in connection with the contract.

For more information, please visit: http://mermaid.listedcompany.com

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