The marine services company said a memorandum of understanding has been reached with ChevronTexaco for tanker berthing and supported services at its Barrow Island and Thevernard islands oil facilities. A $6 million offshore tug has been bought by Mermaid to service the contract.
"This acquisition was achieved with the Singapore Port Authority's assistance and marks the first move towards the development of a fleet of larger and more powerful vessels with contracted earnings streams," Mermaid said.
"The added capability complements Mermaid's established spot market vessel business, offering an enhanced and comprehensive service to customers in the North West and around the Australian coast."
