Mermaid signs charter contract for new vessel
Saturday, July 20 2013 - 02:57 AM WIB
SGX-listed Mermaid Maritime Public Company Limited said that its subsidiary PT Seascape Surveys Indonesia has entered into a three year charter-in contract with Miclyn Express Offshore (MEO) for a DP2 vessel, the M.V. MEO Rover, which is currently under construction in Batam, Riau Islands province.
The Vessel is expected to be delivered to Seascape in December 2013. Upon delivery, the Vessel will be renamed the ?Resolution? and will be under the flag of the Republic of Indonesia.
?We are pleased that our sub-sea services business has continued to grow ever stronger reflecting the confidence of our customers in the quality of our assets and services. We will continue to strive to exceed customer expectations with a mission to become the preferred sub-sea services contractor,? Chalermchai Mahagitsiri, Chief Executive Officer of the Company, said on Friday.
The company also announced that Seascape has been awarded with two new contracts by international upstream oil and gas companies, which are existing clients, at a total estimated value of US$ 28 million.
The first contract is a three year Inspection, Repair and Maintenance ( IRM) contract and will utilize the DP2 vessel M.V. Endeavour for works commencing in July 2013. This contract has a total value of approximately US$ 23 million and the duration of the contract is approximately 100 days each year through 2015. The Endeavour is on long-term charter to Seascape.
The second contract is for survey and positioning services over a period of three and a half years worth an estimated value of US$ 5 million. This contract comprises of a six month extension of an existing contract and an additional three year contact award for the same services thereafter.
Seascape is also performing works required on short notice for a sub-sea wellhead preparation for surface re-entry. This contract has an estimated value of US$ 4.5 million and is nearing completion. This contract utilizes the Endeavour with Seascape also providing survey/positioning, digital video reporting and ROV spreads.
A third party contractor that was contracted directly by the client provided the saturation system and diving personnel. This marks the first time for the M.V. Endeavour to perform diving works.
Editing by Benget Besalicto ST