Maridive & Oil Services SAE announced that its offshore construction sector obtained a new contract of $43m in the UAE, according to a statement published Monday.
According to the contract, Valentine Maritime, one of Maridive’s subsidiaries, will supply and implement various offshore constructions, read the statement.
“The execution of the contract will start at the end of the second quarter of 2016, to be finished by the end of the last quarter,” the statement read. “Therefore, the value of the signed contracts increased to $480m to offer navigational services and offshore construction all over the world.”
Navigation sector analyst at Mubasher research Amr El-Daly said this contract will have a positive effect; despite the oil price slump, the company will rebound by the end of 2016.
Oil prices decreased by 70% last year, declining to $30 per barrel by January 2016.
“It shows real progress for the company to obtain a contract when so many companies are cutting their petrol production,” El-Daly explained.
In the upcoming years, it is doubtful whether the company’s financial statement will soar, in the wake of unstable oil prices, unless the company signs new contracts, El-Daly said.
In January, Maridive said its backlog of contracts between 2016 and 2019 amount to $337m.