Mermaid Maritime Public Company Limited (the “Company” or “Mermaid”) and its subsidiaries (collectively the “Group”) is a leading provider of tender rig drilling and subsea engineering services for the offshore oil and gas industry, primarily in South East Asia, but also in other key regions, such as the Middle East.
The Group has grown significantly, from a single company founded by Dutch mariners in 1983 and operating exclusively in Thailand to a group of companies and alliances that operate internationally. For the past nine (9) years, the Group has widened the scope of its services to include not only subsea engineering but also tender rig drilling services for the offshore oil and gas industry.
The Group is well established and recognised by the industry for its high quality services delivered professionally, safely and efficiently. Moreover, it has developed a strong blue chip client base that includes some of the world’s largest oil and gas-related companies.
Its subsea division is represented by Mermaid Offshore Services, Subtech Middle East and Seascape Surveys, which operates as a unified structured unit across markets offering clients a comprehensive range of subsea solutions through a highly competent technical and operations workforce operating out of Thailand, Indonesia, Qatar and Saudi Arabia. The subsea group operates nine (9) subsea vessels, three (3) of which are specialized dive support vessels (“DSVs”), five (5) saturation diving systems and twelve (12) remotely operated vehicle (“ROV”) systems, all of which can be deployed to any region. The subsea group serves clients across South East Asia, India, China, the Mediterranean, West Africa and the Middle East. Mermaid's drilling division comprises Mermaid Drilling, which provides tender-assist drilling and accommodation barge services through its ownership of two (2) tender rigs, and its investments with Seadrill Ltd. in Asia Offshore Drilling, which has three (3) high specification premium jack-up drilling rigs under construction in Singapore with deliveries scheduled for 2013.
Mermaid’s corporate headquarters is located in Bangkok, Thailand and is linked to a world class operations, logistics and maintenance base, located a short distance from Bangkok in Chonburi. The latter facility allows the Group to control its own equipment maintenance and refurbishment programmes. As it is located on the Eastern Seaboard, the facility is within close proximity to several deep water ports, thereby facilitating the expeditious and efficient mobilisation of personnel and equipment to client locations.
Furthermore, in order to sustain and support international expansion and to consolidate the Group’s competitiveness in South East Asia, the Group has satellite office support functions in Indonesia, Qatar and Saudi Arabia. To support mobile operations, additional shore base operations using a network of local contacts may be set up at short notice.
In the process of expanding into the tender drilling and subsea engineering markets, the Group identified opportunities that required a local presence in some countries. Recognising this, the Group appointed local representatives, each of whom has the required (local) licenses and permits, thereby increasing its market opportunities outside Thailand. This strategy has proven to be successful in the past with operations performed in the United Kingdom Continental Shelf (“UKCS”), Malaysia, China, Russia, India, Vietnam, Brazil and the Middle East.
For the 2012 financial year, drilling services contributed 15.2% and subsea engineering services contributed 84.8% of the Group’s total revenues