Mermaid Sapphire; Source: Mermaid Maritime

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

Mermaid Subsea Oil and Gas Services DMCEST (MSOGS), a wholly owned subsidiary of Thailand-headquartered subsea services provider Mermaid Maritime, has entered into a facility agreement loan with SinoPac Capital International (HK) Limited to borrow up to $10 million.

Mermaid Sapphire; Source: Mermaid Maritime

This will be used for the reimbursement of the firm’s equity used for the acquisition of the 2009-built Mermaid Sapphire vessel. With accommodation for 60 people, this RSV is a DP2 remotely operated vehicle (ROV) support vessel equipped 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. entered into a similar facility agreement with the Export-Import Bank of Thailand for a loan of up to $5.95 million for the reimbursement of the company’s equity used for the acquisition of the 2005-built Resiliant vessel. This PLB is an accommodation and construction support barge with an eight-point mooring system and a 300-ton main crane. The BV-classed vessel can accommodate 284 personnel.

Recently, Mermaid Maritime won several new contracts with a combined value of approximately $485 million in Thailand, the Middle East, Western Sub Sahara, and the UK.

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Thanks to these deals, the firm will undertake activities such as cable laying, subsea pipeline tie-ins, inspection, repair, and maintenance (IRM), transportation and installation, decommissioning, and related services, which are planned to be completed in 2025.