Mermaid Maritime units win projects worth US$485 million

MERMAID Maritime’s subsidiaries in Thailand, the Middle East, the western sub-Sahara, and the United Kingdom have been awarded multiple projects valued at US$485 million in total.

The projects awarded involve cable-laying installation, inspection, repair and maintenance. The work starting this year is set to be completed in 2025, the subsea services provider said on Thursday (Oct 5).

The wins are expected to contribute positively to Mermaid Maritime’s earnings per share and net tangible assets holdings for this fiscal year ending Dec 31, 2023, and beyond.

Chalermchai Mahagitsiri, chief executive of the group, highlighted that these project wins are significant growth opportunities, and also demonstrate the group’s key position in the energy space.

“These newly secured interventions actively endorse our vision and group strategy, as we carefully position Mermaid within the energy sector, and navigate a successful the future for our stakeholders.”

The counter closed on Thursday at S$0.083, up 10.7 per cent or S$0.008.