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Mermaid Maritime awarded US$17m contract in unnamed Gulf state

THAILAND-BASED Mermaid Maritime - a provider of engineering services to the offshore oil and gas industry - has picked up a sub-sea services contract in the Middle East, the company said on Monday.

The six-month contract, which will run from May to October 2019, has an initial value of US$17 million, according to the announcement. It involves a dive support vessel campaign for an unspecified international engineering, procurement, construction and installation contractor.

Mermaid Maritime said that the deal - in a Gulf Cooperation Council (GCC) country that was not named - is in line with its "forward-looking strategy to expand its client base in its Middle East core market". The GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

In a section on the financial effects of the project, the company said that the contract would not have had any material effect on its earnings and net tangible assets per share for the financial year, had the contract been carried out in the 12 months to Dec 31, 2017.

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Mermaid Maritime shed 0.4 Singapore cent, or 3.31 per cent, to S$0.117, before the announcement.