Thailand's Mermaid Maritime Raising $500M for Offshore Marine M&A
Whiley views the charter-in arrangement as particularly a good avenue to penetrate cabotage markets such as Indonesia.
Mermaid has three other Indonesia-flagged charter-in vessels – DP2 dive support vessel, Mermaid Nusantara; DP2 remotely operated vehicle (ROV) and air dive support vessel, Endeavour; and DP2 ROV and air dive support vessel, Resolution – on its 12-strong operating fleet.
Three other charter-in vessels are DP2 construction Mubarak Supporter, DP3 multi-purpose subsea support vessel Bourbon Evolution and DP3 subsea construction vessel Siem Daya 2.
Mubarak Supporter is contracted on a lump-sum basis off the Middle East for subsea cable lay and flexible pipelay support operations.
Mermaid has three owned vessels – the DP2 ROV and air dive support vessel, Mermaid Sapphire, offshore support vessels Barakuda and Mermaid Challenger. In June, Mermaid unveiled a $19 million call-off contract for ROV support vessels including Mermaid Sapphire through 2016 in the Gulf of Thailand.
The Thai outfit had a busy season earlier in the financial year near its home base, having mobilized four vessels, including Mermaid Commander and Sapphire for hook-up and commissioning at a multi-platform development.
The Thailand-based offshore marine player is expecting to take delivery in 2016 of a newbuild vessel being constructed under a contract worth $138 million awarded to CMHI.
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