Mermaid Maritime secures contract extension for $129.6m

The extension will last for a year.

A joint venture between Mermaid Maritime Public Company Limited (Mermaid) and a Middle East offshore services firm has secured a contract extension with an upstream oil and gas company.

According to a press release, the initial five-year contract period will be extended so Mermaid can continue to provide diving services with its DP2 saturation dive support vessel.

The total contract value for the one-year extension is around $129.6m (US$96m).

According to Mermaid chief executive officer Chalermchai Mahagitsiri, "For Mermaid, this contract extension represents a stream of stable revenue over the next financial year, and is a clear and positive step towards the steady growth of our company."

Performance of the extension is set to begin in Q4.