Mermaid in $20m Ichthys contract win

Mermaid Marine has announced a $20 million contract win with Inpex at the Ichthys liquefied natural gas project off the Western Australian coast.

The contract will see Mermaid provide supply base services for the Ichthys project at Broome in joint venture with Toll Holdings for the next five years.

The deal has two five-year extension options.

“We are extremely pleased to continue our working relationship with Inpex, having supported Inpex’s exploration campaign that led to the discovery of the Ichthys field,” managing director Jeff Weber said.

“A key part of our ongoing strategy is to gain exposure to the major projects located in the Browse Basin, and Ichthys is a world class project.

“We look forward to working with Inpex to support their development and ongoing production operations.”

At close of trade today, Mermaid’s stock was up 3 per cent, at $3.31.