Mermaid enters Thai decommissioning joint venture

Offshore vessel provider Mermaid Maritime has entered into a joint venture with Meitech to enhance offshore transport, installation, and decommissioning capabilities in Thailand.

Mermaid said
that the partnership with Meitech would provide it with access to Meindo Group’s
fleet of vessels and other specialist services. This will boost their
capabilities to service projects in the Gulf of Thailand.

As a result
of the joint venture, Mermaid established an indirect majority-owned subsidiary
– Mermaid-MOE JV (MMJV) in Thailand.

Based on the
terms of a joint venture agreement entered into between the company’s wholly-owned
subsidiary Mermaid Subsea Services and Meitech Offshore Engineering.

Singapore-based
Meitech Offshore is under common ownership and control with the Meindo group. Meindo
is one of the leading EPCI contractors in Indonesia, providing fully integrated
solutions in engineering, procurement, construction, and installation services
for the petrochemical, energy, and upstream oil and gas industry.

With over 30
years of experience, Meindo has built a presence as the leader in topside,
jacket, and module fabrication, and onshore/offshore pipeline installation in
Indonesia.

The company
intends to utilize MMJV as a vehicle to enhance the provision of its offshore transportation,
installation, and decommissioning services for targeted potential projects in the
Gulf of Thailand.

MMJV will comprise
Mermaid’s seasoned Thai personnel having a minimum of 10-20 years of working
experience in offshore oil and gas operations and offshore facilities
construction in the Gulf of Thailand together with Meindo’s experienced project
personnel.

According to
Mermaid, the incorporation of MMJV will be funded using internal resources and
the incorporation itself is not expected to have any material impact on the net
tangible assets per share and earnings per share of the company as a group for
the financial year ending 31 December 2020.

None of the directors,
substantial shareholders or controlling shareholders of the company has any
interest, direct or indirect, in the incorporation of MMJV other than through
their respective shareholdings in Mermaid.