Bangkok--16 Feb--Francom Asia
Mermaid Maritime Public Company Limited (“Mermaid”), a leading provider of drilling and sub-sea engineering services for the offshore oil and gas industry, announced that it has concluded an accommodation barge deal with Chevron in Indonesia worth up to US$ 4.9 million. The 150-day contract will engage Mermaid’s MTR-1 rig in Indonesian waters in early April 2012.
Mr. Bruce Gemmell, CEO of Mermaid, commented, “MTR-1’s deployment boosts the utilisation of our tender fleet and stands to make a positive contribution to the bottom line of our Mermaid Drilling business in fiscal 2012. The fact that this deal has been concluded with an existing client underscores Mermaid’s focus on building lasting relationships by consistently providing world-class services to our valued clients across the region, while keeping our eyes on safety and the environment.”
Mermaid’s drilling interests also extend to recently-formed Asia Offshore Drilling (“AOD”), which was listed on the Oslo Stock Exchange in July 2011. AOD will take delivery of three modern high specification jack-up rigs in 2013.
“The construction of AOD's three jack-up rigs is progressing well, and market demand remains positive for jack-ups rigs. Increased activity in West Africa, Mexico, and the Middle East has pushed utilisation rates up to 96% for modern high-specification jack-up rigs. This situation has resulted in higher demand for older jack-up rigs, whose day rates have improved to a level that justifies reactivation costs. The demand situation bodes well for AOD, as it has begun marketing of its three rigs.” added Gemmell.
Listed on the Singapore Exchange, Mermaid is a majority-owned subsidiary of Thoresen Thai Agencies Public Company Limited (“TTA”), a Bangkok-listed strategic investment group that oversees a diversified business portfolio of transport, energy, and infrastructure assets regionally.
For further information, please contact:
Thoresen Thai Agencies Plc
Ravisada Angkeeros E-mail:
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Tel: +66 2254 8437 Ext. 393
Francom Asia Ltd.
Wandee Lerdsupongkit Emai:
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Tel: +66 2233 4338/9 Ext. 19
Or MSL Hong Kong
Eric Abelev E-mail:
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