Mermaid Maritime Public Company Limited (“Company”) is pleased to announce that its subsidiary MTR-1 (Singapore) Pte. Ltd. has secured a contract extension with an existing client, an international upstream oil and gas company (“Client”), for accommodation barge support services in Indonesia utilizing the ‘MTR-1’ (“Contract”). The duration of this Contract extension is around 5 months and has a potential value of USD 4.7 million.
The ‘MTR-1’ is presently in Indonesia and had recently completed an initial term with the same Client for accommodation barge support services. This Contract extension commenced yesterday back-to-back upon the completion of the initial term.
Assuming that the Contract had commenced and had been completed within the most recent financial year (the Company’s last financial year ended 30 September 2012), the performance by the Company of the Contract would have increased the earnings per share of the Company (on a consolidated basis) for that financial year but not the net tangible
assets per share of the Company (on a consolidated basis) for that financial year.
Interest of Directors and Controlling Shareholders
None of the directors or controlling shareholders of the Company has any interest, direct or indirect, in the Contract. There are also no new directors proposed to be appointed to the Company in connection with the Contract.
Source: Mermaid Maritime
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