Ninth consecutive year Mermaid awarded this work. 2014 campaign has estimated contract value of USD 32 million and comes with options for up to two additional campaign years.
Mermaid Maritime Public Company Limited ("Mermaid" or "Company") wishes to announce that its subsidiary Mermaid Offshore Services Ltd. ("MOS") has been awarded a subsea construction support services contract with a major engineering, procurement, construction, installation and commissioning ("EPCIC") contractor in Thailand serving a major international upstream oil and gas operator.
The contract award has an estimated value of USD 32 million and is scheduled to commence in May 2014 for a term of almost 200 days. The contract, which will serve the customer’s 2014 campaign in the Gulf of Thailand, will utilize the DP2 Dive Support Vessel ‘Mermaid Commander’ and has already been included in Mermaid’s total order book previously announced. This represents the ninth year that Mermaid has secured this role and includes options exercisable by the customer to extend the contract for a further two additional campaign years.
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 30 September 2013), the performance by the Company of the contract would have had a nonmaterial 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.
