Mermaid Maritime has received early termination of contract from its international upstream oil and gas client for the MTR?2 tender rig to be deployed for work in Indonesia.
The initial term of the contract was set to end in May 2015 but the rig is now scheduled to be demobilised to Singapore by the end of December.
In a previous announcement dated June 17, Mermaid disclosed that the client was in the process of obtaining new permits from the relevant government authorities in Indonesia to continue performance of work.
However, as the process in obtaining such permits by the client had been prolonged, the client had therefore elected to exercise early termination of the contract instead.
Mermaid said that the early termination was through no fault of its own.
Chalermchai Mahagitsiri, CEO of Mermaid said, “We would firstly like to express our sincerest regret that our work contract has to be terminated by the client due to their inability to secure the necessary permits to continue drilling activity.”
The MTR?2 tender rig, purchased by Mermaid in June 2005, has been utilised by the client for almost a decade in its Thailand and Indonesia’s production fields.
