Mermaid Maritime gets its hands on multi-million loan to repay vessel acquisition

Mermaid Subsea Oil and Gas Services DMCEST (MSOGS), a completely owned subsidiary of Thailand-headquartered subsea providers Mermaid Maritime, has actually participated in a center arrangement loan with SinoPac Capital International (HK) Limited to obtain approximately $10 million.

This will be utilized for the repayment of the company’s equity utilized for the acquisition of the 2009-built Mermaid Sapphire vessel. With lodging for 60 individuals, this RSV is a DP2 from another location ran car (ROV) assistance vessel geared up with a deepwater work-class ROV and a 23-ton knuckle boom crane. The vessel is ABS-classed and flies the Panama flag.

At the start of December 2023, Mermaid Maritime’s Mermaid Subsea Services (Thailand) Ltd. participated in a comparable center arrangement with the Export-Import Bank of Thailand for a loan of approximately $5.95 million for the compensation of the business’s equity utilized for the acquisition of the 2005-built Resiliant vessel. This PLB is a lodging and building and construction assistance barge with an eight-point mooring system and a 300-ton primary crane. The BV-classed vessel can accommodate 284 workers.

Just Recently, Mermaid Maritime won a number of brand-new agreements with a combined worth of roughly $485 million in Thailand, the Middle East, Western Sub Sahara, and the UK.

Thanks to these offers, the company will carry out activities such as cable television laying, subsea pipeline tie-ins, evaluation, repair work, and upkeep (IRM), transport and setup, decommissioning, and associated services, which are prepared to be finished in 2025.