Mermaid Maritime Public Company Limited (“Mermaid”) announces that it has recently been awarded two subsea contracts with a combined estimated value of USD 4.6 million.

The first contract award, with work scheduled to commence in the third quarter of 2017, will involve a short ROV campaign for pipeline touchdown monitoring for an international EPCIC contractor offshore in the Middle East GCC.

The second contract award, with work scheduled to commence in the fourth quarter of 2017, will involve use of a diving vessel with work class ROV carrying-out a subsea services project offshore East Kalimantan, Indonesia, for an international upstream oil and gas company.

Mermaid is also pleased to highlight that the first contract award is from a new customer in a new country in the Middle East GCC and the second contract award is from an incumbent long term customer in one of its key markets in South East Asia. This is in line with Mermaid’s strategic initiative to retain its key customers and to seek out new customers in new regions to strengthen its market share and deliver sustainable growth.

Mermaid’s contract win announcements as published from time to time on SGXNet are not exhaustive as Mermaid continues to be awarded other smaller contracts from time to time in the ordinary course of business which are added to its order book.

Financial Effects

Assuming that the contracts had commenced and had been completed within the most recent financial year (the Company’s last financial year ended 31 December 2016), the contracts would have had a non-material effect on the earnings per share of the Company (on a consolidated basis) and a non-material effect on the net tangible assets per share of the Company (on a consolidated basis) for that financial year.