Mermaid Maritime unit charters vessel for two years, has lined up subsea contracts

MERMAID Maritime's subsidiary, Mermaid Subsea Services (International) (MSSI), has entered into a two year charter-in contract for a DP2 diving support construction vessel (DSCV), of which it has already taken delivery.

In a filing to the Singapore Exchange on Tuesday, Mermaid Maritime said MSSI will deploy the DSCV Van Gogh to support its various subsea projects, starting this month. The contract also comes with two one-year extension options, which, if exercised, would extend the charter period through to February 2026.

Mermaid's subsidiary Mermaid Subsea Services (Thailand) has secured subsea contracts worth some US$12 million that will utilise the DSCV for about 120 days. The contracts are expected to end in June.

In the meanwhile, Mermaid is actively bidding more work in the Asia-Pacific.

It added: "Mermaid is also targeting utilising the DSCV Van Gogh for several prospective longer-term projects in West Africa."

The DSCV Van Gogh comes with built-in saturation-diving and air-diving system, 120 beds and a 150 ton crane. The vessel will undertake inspection, repairs and maintenance contracts, perform saturation diving in support of construction interventions and ongoing field maintenance, and call out repair.

Shares in Mermaid closed at 7.7 Singapore cents on Tuesday, unchanged.