Thailand-based 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 incorporated in China specializing in marine engineering, for the strategic reactivation and commercial development of Mermaid Commander, under which the vessel will be reactivated and overhauled by the Singaporean company.
Following the agreement, the parties established a joint venture company in Singapore to serve as the investment and operating vehicle for the reactivation and subsequent commercial deployment of the 1987-built vessel. Under this arrangement, DS Global will carry out and finance the reactivation and repair works.
The entity will be named DS Mermaid Pte. Ltd, with Mermaid Subsea Services (Thailand) Limited owning 50% by way of in-kind contribution of the vessel, and 50% owned by DS Global in exchange for providing ship reactivation, repair and ship management services.
The joint venture’s primary activity will be to engage in ship management and commercial development of the vessel, with a primary strategic focus on entering the offshore marine market.
After the reactivation work is completed, the ship will be renamed DS Mermaid Commander.
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