SINGAPORE – Mermaid Maritime’s subsidiaries in Thailand, the Middle East, western sub-Sahara and Britain have been awarded multiple projects valued at US$485 million (S$664 million) in total.

The project awards include cable-laying installation, inspection, repair and maintenance. The work starting in 2023 is planned to be completed in 2025, the subsea services provider said on Thursday.

The wins are expected to contribute positively to Mermaid Maritime’s earnings per share and net tangible asset holdings for the fiscal year ending Dec 31, 2023, and beyond.

Mr Chalermchai Mahagitsiri, chief executive of the group, highlighted that these project wins are significant growth opportunities, and also demonstrate the group’s key position in the energy space.

“These newly secured interventions actively endorse our vision and group strategy as we carefully position Mermaid within the energy sector and navigate a successful future for our stakeholders,” he said.

Mermaid Maritime’s shares closed 10.7 per cent higher at 8.3 cents on Thursday. THE BUSINESS TIMES