Mermaid Marine moves forward with INPEX contract

Company News

Mermaid Marine Australia Limited (ASX:MRM) says it has taken a major step forward after scoring a $160 million contract from INPEX - which could be worth up to $500 million should the options be exercised.  
 
The marine logistics and supply base services provider has been awarded the work on two Platform Supply Vessels for long-term production support operations. 
 
Under the agreement Mermaid Marine will operate the new vessels for the INPEX-operated Ichthys LNG Project. 
 
The vessels are due to be delivered in 2015 and 2016 and the contract is for a fixed term of five years plus two five year options. 
 
Mermaid Marine says the vessels will be operated by Australian resident crew and will supply the Ichthys Project’s offshore facilities from Darwin and Broome. 
 
Managing Director Jeff Weber says the vessels represent the state of the art for supply of chemicals to offshore production assets. 
 
Mermaid Marine Australia's net profit fell 25.5 per cent to $24 million in the first half of its 2014 financial year.