Mermaid secures $16.1m drilling contract
Tuesday, May 15 2012 - 04:32 PM WIB
Thai firm Mermaid Maritime Public Company Limited announced on Tuesday that its subsidiary MTR-2 Ltd. has secured a contract award with its existing client, an undisclosed international upstream oil and gas company, to provide drilling and related services using the tender drilling rig ?MTR-2? for the Client?s offshore oil and gas fields in Indonesia.
The contract commenced 15 May 2012, and is back-to-back with the previous drilling contract which ended 14 May 2012. The duration of this contract is for six months and has a potential value of approximately US$ 16.1 million, the company said.
Upon completion of this contract, the ?MTR-2? is scheduled to undergo its compulsory special periodic survey, currently estimated to take approximately four months to complete.
The company has commenced marketing the ?MTR-2? for further drilling contract opportunities after the completion of this special periodic survey, it added.
Editing by David Mustakim