New drilling contract is for a term of approximately 9 months and has a potential value of USD 26.5 million. Mermaid Maritime Public Company Limited (“Company”) is pleased to announce that its subsidiary MTR‐2 Ltd. has secured a contract award with an international upstream oil and gas company (“Client”) to provide drilling and related services using the tender drilling rig ‘MTR‐2’ for the Client’s offshore oil and gas fields in Indonesia (“Contract”).
This Contract has received approval by Indonesia’s Executive Agency for Upstream Oil and Gas Activity and work under the said Contract has already commenced. The duration of this Contract is for approximately nine (9) months, and has a potential value of USD 26.5 million.
Financial Effects
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 2010), the performance by the Company of the Contract would have increased the earnings per share of the Company for that financial year and the net tangible assets per share of the Company for that financial year.
[mappress] Source: Mermaid Maritime, July 22, 2011;