Topaz subsidiary in AED 73 million Mermaid 'Thai up'

The two year contract is valued at over AED 73 million and is an extension of an earlier charter-party contract with Mermaid.

'The extension of our existing contract with Mermaid Offshore Services demonstrates our strong working relationship with them and Team Siam's capability to meet contractual requirements in a highly competitive market,' said Ron Clark, General Manager, Nico Middle East Ltd.

Based in Dubai, Nico currently employs more that 1,200 personnel with operations in Fujairah, Sharjah, Salalah, Azerbaijan and Kazakhstan. Nico International was recently honored by the Seatrade Organisation with the Ship Building and Repair Award - 2006 at the prestigious Dubai International Maritime Awards Ceremony.

Team Siam which will be operating in S.E. Asia is a DP2 maintenance and dive support work barge capable of carrying over 140 personnel and facilitates a hospital, conference room, gymnasium, three recreation rooms, two workshops as well as an18 metre diameter heli-pad. Other features of the 89 metre vessel include, a 125 tonne main crane with auto heeling tanks and a 48.8 metre boom, four 35 tonne electo-hydraulic single drum mooring winches and a total clear deck area of 1,067 square metres.

Mermaid Offshore Services is a member of the Mermaid Maritime group of companies and has operational facilities in the Thai ports of Laem Chabang and Songkhla in addition to facilities in Indonesia, China and Vietnam.

Established in 1982 as a small contractor responding to the Thai offshore sectors need for a local, professionally run diving company, Mermaid Offshore has since become one of Asia's major sub sea solutions providers. In 2004 Mermaid Maritime became a fully owned subsidiary of the Thoresen Group, one of the world's largest bulk carrier operators.

Nico Middle East, Ltd. is a wholly owned subsidiary of Topaz Energy and Marine Ltd. one of the UAE's leading oil and gas service companies.