Mermaid Marine Australia (MMA) received a Letter of Intent in February to commence detailed design for two Platform Supply Vessels (PSVs), which had the potential to lead to the award of a long-term material contract. The internal approvals process has now been completed and MMA has been awarded a contract for two PSVs for long-term production support operations with from INPEX Operations Australia (INPEX). MMA will operate two newbuild Vard 108 PSVs for the INPEX-operated Ichthys LNG Project with a fixed term of five years, plus two five-year options.
The PSVs will be built in Asia to INPEX’s specifications for delivery to MMA in late 2015 and early 2016 respectively. They will be operated by Australian resident crew, and will supply the Ichthys Project’s offshore facilities from Darwin and Broome. The contract value for the firm period is EUR 104M, and EUR 325.4M in total should all of the options be exercised.
The award of this contract further extends MMA’s strategy of operating PSV vessels in both the Australian and South East Asian markets.