Cairo – Mubasher: Maridive and Oil Services announced that its unit, Valentine Maritime, has signed a new construction contract worth $160 million in India.
Under the deal, Valentine Maritime will deliver engineering, procurement, installation, and commissioning services for several pipelines on a turnkey basis, according to a statement to the Egyptian Exchange (EGX) on Sunday.
Operations are scheduled to begin in the third quarter of 2019, with expectations to be finalised by the fourth quarter of 2020.
“With this contract secured, Maridive’s backlog for the period 2019-2021 now stands at $410 million,” the statement added.
Maridive’s offshore construction services division, including Valentine Maritime and Maridive Offshore Projects (MOP), made up $206 million of the total $410 million, while the offshore support vessels division accounted for the remaining $204 million.
During the first quarter of 2019, Maridive turned to losses of $3.76 million, versus profits of $6.99 million in the year-ago period, according to the company’s consolidated financial statements.
Meanwhile, revenue declined to $39.05 million in the three-month period ended 31 March from $54.75 million in the year-ago period.
The steep fall in Q1-19 revenue was ascribed to the drop in revenue from Valentine Maritime which generated $1.6 million, down from $25.1 million in Q1-18.
