Mermaid set to release MEO vessel
Contract with Pertamina in the cabotage-protected Indonesian waters fails to materialise in time
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MERMAID Maritime is set to release a charter-in subsea vessel, Nusantara, owned by Miclyn Express Offshore (MEO), after a multi-year contract with Pertamina in the cabotage-protected Indonesian waters failed to materialise in time.
A Mermaid executive confirmed to The Business Times that Nusantara will be released from the remaining years of its original five-year charter agreed with MEO. A decision was made to release the vessel in late December 2015, about one year after Mermaid confirmed its hire from MEO. Mermaid was understood to be seeking to reduce its financial commitments from the vessel release, which will relieve the company from an annualised outlay of US$15 million towards its charter.
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