Mermaid Maritime Continues Asset-Light Growth Strategy, Wins Sat Diving Contracts

Bourbon Evolution 803, file image via Bourbon

Singapore-listed Mermaid Maritime has announced the winning of a pair of saturation diving contracts in the Middle East worth upwards of USD $45 million.  The company notes the two contracts will last between 6 to 8 months and commence back-to-back upon completion of the first.

To service the contract, Mermaid says they will be chartering a DP-3 multi-purpose support vessel of the Bourbon Evolution-class.  These vessels feature 7 diesel-electric generators, 2 machine rooms, 2 electric rooms, 2 VSAT communication systems, 2 cranes that can work simultaneously, 3 stern propellers and 3 bow propellers. Along with saturation diving, Mermaid will also deploy ROVs and other project crew to complete the work.

Mermaid notes they will remain asset light as part of their growth strategy and charter-in vessels to support confirmed client contracts.

Delivering on this initiative, in December 2013 Mermaid took delivery of the DP2 RSV ‘Mermaid Resolution’ on a 2+1 year charter to service new contracts in Indonesia. This was followed in June 2014 by a short term charter of the DP2 PSV ‘Lewek Atria’ for several months serving the Gulf of Thailand. In August 2014, Mermaid took delivery of DP2 Construction (CLB) Barge ‘Mubarak Supporter’ on a 1+1+1 year charter to service new contracts in the Middle East.  These additional charter?in vessels support Mermaid’s growth ambitions whilst its own key vessels continue to experience high utilization on their existing contracts.

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