Thai company Mermaid Maritime is building up its cash holdings ahead of moves for merger and acquisition in the offshore marine sector.
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”.
Chalermchai Mahagitsiri, CEO, Mermaid Maritime
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.
View Full Article
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you