Mermaid Maritime Public Company Limited (“Mermaid”) announces that its joint- venture company formed between Mermaid and a local offshore services operator has secured a one-year contract extension for offshore inspection, repair and maintenance services with a national upstream oil and gas company in direct continuation to its current contract, which commenced in 2012. Mermaid will continue to provide a suite of diving services using its DP2 saturation dive support vessel “Mermaid Asiana” along with remotely operated vehicles, specialized diving equipment and divers. Mermaid’s joint venture partner, a reputable offshore and marine services company, will provide other offshore vessel related services and logistics.

Mermaid’s portion of the total contract value for the one-year extension period is estimated to be approximately US$ 125 million, including several medium-term subcontract awards. The contract extension will continue until the fourth quarter 2025.

“For Mermaid, this contract extension is the result of the excellent service that we provide and represents a stream of stable revenue to strengthen our forward book. It is also in line with our strategic initiative to maintaining our presence in the region and as a platform for further growth and expansion”, said Mr. Chalermchai Mahagitsiri, Chief Executive Officer of Mermaid.