Offshore services provider Mermaid Maritime's subsidiary Mermaid Subsea Services has entered into a JV with DS Global Offshore Engineering Singapore for the “strategic” reactivation and commercial development of the company’s existing offshore support vessel (OSV) Mermaid Commander.
A bourse filing on June 5 states that a JV company has been set up in Singapore to serve as the investment and operation vehicle for the reactivation and subsequent commercial deployment of the OSV. Upon completion of reactivation works, the vessels will be renamed “DS Mermaid Commander”.
DS Global Offshore Engineering Singapore is a subsidiary of DS Global Offshore Engineering (Tianjin), a privately-owned company specialising in offshore engineering.
The investment is funded by existing internal assets (by way of the in-kind contribution of the vessel) and the transaction is not expected to have any impact on the net tangible assets of the company.
The Mermaid Commander is a DP2 diving support vessel equipped with a built-in 16-man twin bell saturation diving system complete with a self-propelled hyperbaric lifeboat. The vessel has a 60-tonne crane and accommodation for 90 people and was built in 1987.
The vessel was rumoured to have been sold in 2019, but this was denied by Mermaid Maritime subsequently.
See also: Samudera disposing two vessels for US$22.95 million
Shares in Mermaid Maritime closed at 10.2 cents on June 5, up 1%.
