SGX-listed Mermaid Maritime, on July 19, announced that its subsidiaries in Thailand, the Middle East and the UK have secured multiple project awards with a combined value ranging between US$175 million ($244.4 million) to US$265 million.
The project awards include cable laying installation, inspection, repair and maintenance, decommissioning, and a bouquet of related services.
Work on the projects has already begun and is slated to be completed in late 2025.
These projects are expected to contribute positively to the group’s earnings per share (EPS) and net tangible assets (NTA) for the FY2022 ending December and beyond.
“We would like to thank our clients for expressing their ongoing faith in Mermaid with these significant awards,” says group CEO Chalermchai Mahagistsiri.
“They represent solid growth for us in all segments, and serve specifically to auger a solid base for Mermaid’s continued success. Most importantly, both for stake holders and Mermaid employees alike, the subject interventions offer vital life’s blood in terms of our near, and intermediate planning as Mermaid actively and carefully navigates our way clear of the pandemic, and through the upcoming Energy transition. Exciting space right now. Forward!”
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Shares in Mermaid Maritime closed 0.2 cent lower or 2.67% down at 7.3 cents on July 19.
