Mermaid Maritime's Unit Bags DSV Charter-in Deal for Work Off Indonesia

Thailand's Mermaid Maritime Public Co. Ltd. reported Tuesday that its Indonesian business unit PT Seascape Surveys Indonesia (Seascape) has entered into a one year charter-in contract with Indonesia's PT Nusa Perkasa Permai for a DP2 (dynamic positioning 2) dive support vessel (DSV), the ‘Mermaid Nusantara’.

Seascape will take delivery of the vessel, formerly known as 'Windermere', in August. Mermaid had previously chartered-in this vessel and deployed it to support various subsea projects last year. The charter comes with a one year option which, if exercised, would extend the charter through to July 2018.

"The re-chartering of this vessel comes at the back of anticipated continuing demand for subsea services in both Indonesia and the rest of the South East Asian region," Mermaid said in the press release.

Mermaid Nusantara -- equipped with a 15 man built-in saturation diving system and air diving system, 120 beds and a 50 ton crane -- will undertake inspection, repair, and maintenance contracts as well as performing saturation diving for construction support, ongoing field maintenance and call out repair.

"This charter-in of the Mermaid Nusantara is an opportunity for Mermaid to continually secure a dedicated DSV for the South East Asian 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," it added.

The firm has already secured subsea contracts worth circa $10 million that will utilize this vessel for a scheduled duration of approximately 70 days, and is actively bidding for more work utilizing the vessel in Southeast Asia.

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