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Mermaid Marine Australia Limited (ASX:MRM) and Toll Holdings Limited’s (ASX:TOL) equal joint venture has won a $20 million contract from INPEX.
Under the initial five year term the joint venture will develop infrastructure and provide services to support the development of the INPEX operated Ichthys LNG Project.
The contract has two five year extension options to provide further upside should they be exercised.
Mermaid Marine and Toll Holdings established the JV in 2006 to provide supply base services in Broome in support of the offshore oil and gas activities in the Browse Basin region.
Mermaid Marine says a key part of its strategy is to gain exposure to the major projects in the Browse Basin including the Ichthys LNG Project.
Mermaid Marine Australia reported a net profit of $51 million in the 2012 financial year.
