Mermaid Maritime Public Company says that it entered a sale and purchase agreement with a Norway company on Dec 20, 2024, to acquire four newbuild work-class remote operated vehicles (WROVs) for EUR11 million ($16.42 million).
Mermaid Maritime, which provides subsea cable and installation services, says that the EUR11 million is to be paid in stages and funded through its cash reserves and credit facilities.
The delivery of the four WROVs is scheduled for 3Q2025.
The Norway company, Argus Remote Systems AS, specialises in the development and manufacturing of electric remote operated vehicle systems. Its clients are within the aquaculture, oil and gas, and military and research industries.
This acquisition is to strengthen Mermaid Maritime ’s operational capabilities, allowing the company to support subsea projects with increased efficiency and precision.
Shares in Mermaid Maritime closed flat at 10.1 cents on Apr 16.
