Mermaid Maritime announced that its majority owned subsidiary MTR‐1 Ltd. has secured a letter of award from a client operating in the Middle East for accommodation barge support services utilizing the ‘MTR‐1’. Under the deal, it is expected to commence mobilization to the Middle East in early August 2010 and expected to be engaged for a minimum of 160 days, including mobilization and demobilization time. MTR‐1 Ltd. is expected to generate approx US$3.2m in revenue from this contract.
Mgtm sees this as a positive move and believe that there is potential for additional accommodation barge support work for the MTR‐1’ in the Middle East beyond this first contract.
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