Subtech Wins Qatar Subsea Services Contract

Mermaid's Subtech Qatar Diving & Marine Services unit wins US$ 25-million contracts from international upstream oil & gas operator.

This contract will be performed utilizing Mermaid’s specialized DP Barge ‘Mermaid Siam’ and its associated saturation diving system and other specialized diving equipment and personnel.

The scope of services includes ongoing offshore field maintenance, remedial and call-off work. The duration of the contract is for a period of five years with the work scope expected to be performed within a window of three months each contract year.

Contract revenues are expected to be approximately US$ 25-million over the five year period, or an average of US$ 5-million per contract year. Performance of services for the first contract year has already commenced.

“We again thank our clients for expressing their confidence in Subtech in the form of ongoing awards. We continue to be proud to focus on our core areas and to continue to offer the same level of quality of services that has accounted for our success to date”, said Mr. Paul B. Whiley, Managing Director of Subtech.