Mermaid wins contract compensation

Offshore staff

BANGKOK, Thailand -- Mermaid Maritime has reached a settlement with Cudd Pressure Control concerning an offshore support contract in the Middle East.

In November, Cudd terminated the contract for Mermaid’s accommodation barge MTR-1. According to Mermaid, this was due to the cessation of Cudd’s own contract with its ultimate client, which occurred through no fault of Mermaid.

Under the settlement, Cudd has paid Mermaid $3 million in compensation. The MTR-1 currently is journeying back to Southeast Asia.

Mermaid is exploring other avenues for the vessel as a drilling and/or accommodation barge support unit.

02/15/2011



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