Aberdeen-headquartered Mermaid Subsea is creating 12 new jobs after winning its largest ever decommissioning contract.
The deal covers 22 wells for plugging and abandonment in the North Sea over the course of two years.
Mermaid Subsea has not disclosed the name of the operator or the value of the decommissioning contract, but said it represents Mermaid’s largest to date.
Activity is already underway, following on the heels of other work for four North Sea operators – Ineos, Bridge Petroleum, Ithaca Energy and Serica Energy – alongside Exceed during Q4 2022.
That campaign, described as the decade’s largest, saw Reach Subsea’s Olympic Challenger vessel mobilised to Aberdeen for the work.
On the new deal, Mermaid regional director Scott Cormack said: “This project serves to underline the reputation we have so quickly gained for safe, efficient and cost-effective vessel-based well P&A, which draws upon our core team’s combined track record across the decommissioning sector.
“Well P&A has been highlighted time and again as an important lever in the reduction of what accounts for approximately 50% of all costs within the decom sector. The vessel-based P&A approach provided by Mermaid results in significant agility and flexibility across the whole work scope, which plays a critical role in the drive to reduce the North Sea’s decommissioning bill.”
Established in Thailand, Mermaid Subsea is a subsidiary of Mermaid Maritime (SGX: MMPC), which joined the UK market with a dedicated subsidiary in 2020.
Directors spoke to Energy Voice last year about the importance of building up a track record and trust with operators in the North Sea space.
On the new deal, chief operating officer Paul Whiley added: “Congratulations to Scott and the Aberdeen team for what’s been achieved here, as Mermaid continues to focus on this sunrise space for our offshore energy activities.
“Our strategy remains to provide quality to the proponent and returns to our stakeholders in equal measure.”