Thailand-headquartered subsea and offshore drilling services company Mermaid Maritime Public Company Limited has established a joint venture (JV) company in Singapore to serve as the investment and operating vehicle for the reactivation and subsequent commercial deployment of an existing offshore support vessel.
Mermaid Subsea Services (Thailand) (MSST) has entered into a joint venture agreement with DS Global Offshore Engineering Singapore, a subsidiary of DS Global Offshore Engineering (Tianjin), a privately-owned company established in China that specializes in offshore engineering, for the strategic reactivation and commercial development of Mermaid Commander, under which the vessel will be reactivated and repaired by the Singaporean company.
Following the agreement, the parties established a JV company in Singapore to serve as the investment and operating vehicle for the reactivation and subsequent commercial deployment of the 1987-built vessel. Under the arrangement, DS Global will undertake and fund the reactivation and repair work.
The entity will be named DS Mermaid Pte. Ltd., with Mermaid Subsea Services (Thailand) Limited holding 50% by way of in-kind contribution of the vessel, and 50% held by DS Global in consideration for the provision of vessel reactivation, repair, and ship management services.
The joint venture’s primary activity will be to engage in ship management and the vessel’s commercial development, with a primary strategic focus on entering the offshore maritime market.
After the reactivation works have been completed, the vessel will be renamed DS Mermaid Commander.