Thailand's Mermaid Maritime Raising $500M for Offshore Marine M&A
Thailand-based Mermaid Maritime Public Company Ltd. is in discussion with several banks over a mark-to-market bond issue to raise up to $500 million for merger and acquisition opportunities within the offshore marine sector in the next five years.
Mermaid’s CEO Chalermchai Mahagitsiri said the Singapore-listed outfit is well-placed, with a net debt to equity ratio of just 0.2, to enter into the bond market to raise cash for opportunistic acquisitions.
Mermaid Targets Firms with Track Records
Without identifying any specific acquisition targets, Chalermchai said these would include companies with track records in countries that “Mermaid is looking to secure charters in”.
Source: Mermaid Maritime
Mermaid does not have any immediate plans to invest in newbuild rigs but has instead been focusing on securing charters for a pair of tender assist rigs currently being built by China Merchant Heavy Industries Co. (CMHI), Chalermchai explained.
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