Mermaid Maritime Plc

[thor666]

High spec deepwater rigs are the most vulnerable amid the low oil price...

(not vested)

Mermaid Maritime starts construction of MTR-3 and Mermaid Ausana

SINGAPORE (Dec 8): Mermaid Maritime, the provider of subsea and drilling services, today officially marked the start of the construction of its MTR-3 rig and Mermaid Ausana vessel with steel-cutting ceremonies at the shipyards of China Merchants Heavy Industry in Nantong and Shenzhen respectively.

MTR-3 is a performance-class tender assist drilling rig incorporating the latest modern design features. It will be the most advanced tender rigs in the market when it is delivered in 2016.

The rig will be equipped with a modern drilling package supplied by leading drilling equipment specialist National Oilwell Varco and will feature a larger deck space, bigger cranes, faster rig moves, larger living quarters and larger tank storage.

In addition, the rig will be able to operate in water depths of up to 243 meters with conventional mooring and 914 meters with pre-laid mooring, and have a drilling depth rating of 7.62 km and accommodation for 200 personnel.
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http://www.theedgemarkets.com/sg/article...aid-ausana

Mermaid seems pretty confident about its prospects despite the oil oversupply. Some of the directors had done share buyback on individual basis. Is there anything that investors may not see?

(Not vested, fellow friend is though.)

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