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Mermaid Marine Australia Limited (ASX:MRM) has scored a $50 million contract from BHP Billiton Limited’s (ASX:BHP) petroleum division.
Under the long term vessel contract Mermaid Marine will provide offshore marine support to BHP’s Floating Production Storage and Offloading operations off the North West coast of Western Australia.
The contract is for an initial five year term in addition to potential upside if the two additional one year options are exercised.
Mermaid Marine says the Mermaid Cove Offshore Support Vessel is currently under construction but due to start operations this year.
Mermaid Marine Australia posted a net profit of $51 million in the 2012 financial year.
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