Friday, January 25, 2013

Mermaid Maritime

Mermaid Maritime: Company announced that it has been awarded another subsea construction services contract in China with an existing client, China Offshore Oil Engineering Co. Ltd, utilizing Mermaid’s specialized DP2 Dive Support Vessel. The contract is scheduled to commence in March 2013 for a duration of approximately 6 months, with contract revenues to be approximately US$30m. The contract also has a 60-day extension option, which if exercised by COOEC, can increase total potential revenues from this contract to approximately US$40m. Company trades at 0.6x P/B, and is up 13% YTD.

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