Maridive Wins $259 Million Deals in Brazil and Egypt

Egyptian oil service provider Maridive has won a US$234 million contract to operate five Brazilian offshore vessels as well as a smaller deal in its home country, the firm announced. Maridive's deal with Brazil's Petrobas will see it operate five offshore support vessels (OSV) over four years, starting from April 2012.

The second contract, in Egypt, was agreed for $25 million and will see Maridive operate one vessel for two years, also starting in April. Maridive will take delivery of three of the vessels -- two in Brazil and one in Egypt -- in February.

The Brazilian deal is good news for Maridive which has long sought new markets for its offshore support services. In a conversation cited by Egyptian investment bank Beltone Financial, Mardive's financial chief Emad Fawzy said the average daily rate for the five vessels operating in Brazil will be $30,000.

This is a second climb on last year's figures. Maridive's company-wide average daily rate for the new vessels stood at $11,000 in the third quarter of 2011. The new contracts should boost Maridive's revenues and margins over the next four years, starting in the second quarter of 2012.