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Maridive & Oil Services secures new contract in Mexico worth $27 million

Posted: May 6, 2019 at 10:34 am   /   by   /   comments (0)

The contract will serve to diversify the Group’s revenue streams and bolster its growing backlog.

Maridive & Oil Services Co., one of the largest private offshore marine and oil support services providers in the MENA region by number of vessels, announced today that the Group’s Marine Division has secured a new contract in Mexico for a total value of USD 27 million, including a primary service contract for USD 12 million and an additional services contract for USD 15 million.

The contract includes the provision of several services including marine work, qualified personnel diving work, in addition to underwater remotely operated vehicle (ROV) services. Operations are expected to commence in May 2019 and span 18 months or up 42 months should the client extend the service contract.

“We are thrilled to have secured this new contract, which serves as a testament to our track record of securing and delivering services to clients the world over,” said Maridive Chairman Tarek Nadim. “Despite the challenges that persisted across global markets, our management team continues to successfully create value by diversifying our operational exposure and pursuing high-value contracts with short-term extendable tenors.”

“With the upcoming commencement of operations in Mexico, we anticipate utilization rates will return to historical levels. We are delighted to see our prudent decisions from last quarter to relocate vessels to the Gulf of Mexico bear fruit as we further improve and optimize our operational positioning and market presence,” said Nadim.

After concluding another year of profitability in 2018 that saw marine revenues hit USD 122.5 million, up 5% y-o-y, Maridive has leveraged its dynamic, young fleet to secure higher contract renewals and expand its on-the- ground presence across its footprint. During 2018, the Group’s OSV segment was awarded a number of contracts, including a contract for a crew boat to Eni in Tunisia, two PSVs contracted in Egypt’s Zohr Field mega project, and an ASD Tug acquired at year-end 2018 and that is currently being modified for a contract in Saudi Arabia.

(Source: Maridive & Oil Services)

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