Maridive and Oil Services, one of the largest private offshore marine and oil support services providers in the MENA region by number of vessels, announced recently that the Group’s construction subsidiary, Valentine Maritime, has signed a new construction contract worth USD 160 million in India. The contract includes engineering, procurement, installation and commissioning services for several pipelines to be delivered on a turnkey basis. Operations are set to commence in the third quarter of 2019 and are expected to be completed by the fourth quarter of 2020.
With the secured contract, Maridive’s backlog for the period 2019-2021 now stands at USD 410 million. Maridive’s offshore construction services division, including Valentine Maritime and Maridive Offshore Projects, made up USD 206 million of the total USD 410 million, while the offshore support vessels division accounted for the remaining USD 204 million.
During the Q1 2019, Maridive turned to losses of USD 3.76 million , versus profits of USD 6.99 million in the year-ago period, according to the company’s consolidated financial statements.