Photo: Millennium 3. Credits to Mubarak Marine

Mermaid Maritime sets up subsidiary in the UAE

Thailand-headquartered subsea services provider Mermaid Maritime has established an indirect 50%-owned subsidiary in the United Arab Emirates.

The primary activity of the subsidiary designated as Millennium 3 Ship Management and Operations DMCCO will be managing and operating the DP2 construction support vessel Millennium 3.

The remaining 50% stake in the subsidiary will be held by Mermaid Subsea Oil and Gas Services DMCEST, an indirect wholly-owned subsidiary of Mermaid Maritime, whose primary activity is providing subsea and related services to the oil and gas industry.

According to Mermaid, the investment is funded from internal resources and the transaction is not expected to have any material impact on the net tangible assets and earnings per share of the company for the current financial year.

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To remind, Mermaid Subsea Services (Thailand) (MSST) entered into a memorandum of understanding with PT David Marine for the purchase of a 50% ownership share in the 2011-built Millennium 3 in October 2021.

It was conditional upon the parties to establish a joint venture company, as well as ancillary agreements to handle operating costs, management issues, banking and financial transactions, and capital expenditure in relation to the vessel.

Mermaid stated that purchasing an interest in the vessel is set to increase its ability to pursue opportunities related to subsea cable-lay activities in the Persian Gulf region and other subsea-related projects.

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