Indonesian contract changed

Mermaid Maritime: Terms changed

Singapore-listed Mermaid Maritime’s contract with an unnamed Indonesian client has had its terms changed for the use of the MTR-2 rig.

The original contract was signed on 27 March for work in Indonesia.

Mermaid Maritime announced the client was in the process of gaining new permits from the government to continue work in the area.

The companies have entered into an amended contract whereby the client will use the drilling rig as a work-over unit on a reduced rate.

Once the new permits have been received, the rig is planned to resume drilling operations on its normal basis.

Mermaid Maritime does not foresee that this change in the agreement with the client will have a material impact on its earnings for the year.

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