"The rendering service dayrates have been reduced to ensure service continuity to the end of the contract. This reduction in rates was part of a cost reduction initiative driven by the client given the challenging business environment," said Singapore's Mermaid Maritime, a joint venture partner in Zamil Mermaid.
The contract, which was awarded in the fourth quarter of 2012, is for a five-year period and is scheduled to continue until the fourth quarter of 2017.
Mermaid’s
