Mermaid Maritime Public Company Limited (Mermaid, MMT or the Group), a leading provider of subsea and drilling services for the offshore oil and gas industry, disclosed Monday that its Indonesian business unit has chartered in the ex-Windermere from an affiliate entity of Miclyn Express Offshore Ltd. (MEO) for 5 years at a cost of approximately $15 million per year, with options to extend for another 5 years. The vessel is scheduled to be delivered in the month of December.
The ex-Windermere, to be renamed ‘Mermaid Nusantara’, a 5 year old DP2 dive support vessel (DSV) and former flagship of Hallin Marine, comes with a 15 man built-in saturation diving system and air diving system, 120 beds and a 50 ton crane, and will be the first of its kind operating in Indonesia.
The ‘Mermaid Nusantara’ will undertake inspection, repair and maintenance contracts as well as performing saturation diving for construction support, ongoing field maintenance and call out repair.
The charter-in of the ‘Mermaid Nusantara’ is a significant opportunity to secure a dedicated DSV for the Southeast Asia market and also to materially increase the revenue and profit of Mermaid in the Eastern hemisphere. Being Indonesian flagged, the vessel will be in prime position to secure any potential work in Indonesia. In addition, the vessel will also bid for jobs in Myanmar, Thailand, Malaysia and Brunei while providing back up for the DSV ‘Mermaid Commander’ and for any additional work.
The addition of this DSV to the Group will elevate Mermaid to becoming a leading subsea services company in Indonesia, as the Group already has two DP2 remotely operated vehicle (ROV) vessels on long term charter also from MEO.
The Group owns a fleet of seven subsea vessels located in South East Asia, Middle East and the North Sea and the new addition of the ‘Mermaid Nusantara’ joins other Mermaid vessels on charter-in such as the ‘Bourbon Evolution’ and ‘Mubarak Supporter’ in the Middle East, and the ‘Endeavour’ and ‘Resolution’ in South East Asia.
The strong demand for the Group’s scope of services reflects its continued standing as a safe and steady investment in the oil & gas sector. Mermaid has shown great capability and consistency to win work and execute in a safe, profitable and high quality manner as the company continues to grow with additional long term vessel charters.
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