Mermaid gets barge contract extension in Indonesia

By Andi Istrada

SGX-listed Mermaid Maritime Public Company Limited said that its subsidiary MTR-1 Pte. Ltd has secured a contract extension with an existing client, an international upstream oil and gas company, for accommodation barge support services in Indonesia.

The contract extension, utilizing the ?MTR-1?, is for a term of around 5 months and has a potential value of US$ 4.7 million, the company said in a press statement on Friday.

The ?MTR-1? is presently in Indonesia and had recently completed an initial term with the same Client for accommodation barge support services.

Assuming that the Contract had commenced and had been completed within the most recent financial year, the performance by the Company of the Contract would have increased the earnings per share of the Company (on a consolidated basis) for that financial year but not the net tangible assets per share of the Company (on a consolidated basis) for that financial year.

Editing by Benget Besalicto Tnb.