Mermaid Saudi barge contract cancelled

Mermaid Maritime’s contract to provide accommodation services offshore Saudi Arabia has been terminated.

Offshore staff

BANGKOK -- Mermaid Maritime’s contract to provide accommodation services offshore Saudi Arabia has been terminated.

In July, US company Cudd Pressure Control chartered Mermaid’s accommodation barge MTR 1 to support various projects for Saudi Aramco.

The contract started in August 2010 and had an expected duration of 160 days minimum. It ended due to the premature cessation of Cudd’s own contract with Saudi Aramco.

Mermaid points out that these circumstances through no fault on its part, and it is in discussions with Cudd concerning the cessation.

The company owns and operates two tender rigs, the MTR 1 andMTR 2. The latter is currently working for Chevron on a drilling contract offshore Indonesia, and recently received a Grade “A” rating from Chevron for Contractor Health Environment Safety Management.

Mermaid is now exploring other contract opportunities for the MTR 1 as a drilling unit and/or accommodation barge support unit.

11/11/2010

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