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Mermaid Maritime awarded Middle East saturation diving contracts

18th September 2014

Mermaid Maritime has announced that its wholly owned subsidiary in the Middle East has been awarded two saturation diving services contracts with an unknown client

Mermaid Maritime awarded Middle East saturation diving contracts
The total estimated value of the awards is USD 40‐45m

Both contracts are estimated to be of approximately six to eight months duration in total. The first of the two contracts has already commenced and the second will start backtoback upon completion of the first.  

The contracts will be serviced using a charteredin DP3 Multipurpose Support Vessel Bourbon Evolution’.

Mermaid has secured this vessel for a period of eight months with a further option for an additional eight month extension to service additional work prospects.

Together with this modern vessel, Mermaid will deploy specialised diving equipment, remotely operated vehicles (ROVs), specialised divers and other project crew to provide a full integrated service.

The total estimated value of the awards is USD 4045m.

Mermaid continues to implement its growth strategy by expanding its revenue base through the charterin of additional vessels against confirmed client contracts as demand for its subsea services continues to experience growth in its targeted markets.

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