Mermaid Marine secures FPSO support contract

Contracts, Tenders and Rates - October 18, 2012

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Mermaid Marine Australia Limited (MMA) has been awarded a contract with Santos Limited in respect of Mermaid Ranger for the provision of offshore marine support to Santos’ Modec Venture 11 (MV 11) floating production, storage and offloading (FPSO) facility in the Carnarvon Basin.

The contract is for a term of two years firm with three 12 month options and is due to commence in March 2013.

Mermaid Ranger is a 40m OSV built in 2007 and purchased by MMA in 2010.

The contract value is approximately A$15 million for the firm period with further upside should the options be exercised.

The MV 11 FPSO services the Mutineer-Exeter fields and will also service the Fletcher Finucane fields once developed. The Finucane South-1A discovery underpinning the Fletcher Finucane project was made in May 2011 and is located approximately 7km to the south of the Fletcher oil field and 16km east of the MV 11 FPSO at Mutineer-Exeter.

The project involves the development of a three-well subsea tie back to MV 11 FPSO.

The project is expected to extend the economic life of Mutineer-Exeter by up to four years, with an estimated average gross production rate of 15,000 barrels per day for the initial 12 months.


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