Mermaid sells offshore barges for scrap

  • Exploration & Production

Offshore vessel provider Mermaid Maritime has sold a barge and a tender assist drilling rig to Star Matrix.

Star Matrix, a company which describes itself as “one of the largest cash buyers in the ship recycling industry today,” will buy the MTR-1 barge and the MTR-2 tender assist drilling rig for $3.8 million in cash.

The MTR-1 is a barge used for accommodation and workover services. It was classed by ABS and registered under the flag of Singapore. It was built in 1978 and upgraded in 1998 and has a water depth rating of 100 meters on the conventional mooring and 680 meters on pre-laid mooring and accommodation for 112 personnel.

As for the tender assist drilling rig MTR-2, it is ABS classed and registered under the flag of Thailand. It was built in 1981 and upgraded in 2007 and has a water depth rating of 100 meters on the conventional mooring and 680 meters on pre-laid mooring, a drilling depth rating of 5,500 meters and accommodation for 126 personnel. The MTR-2 is used for drilling and lightweight platforms in South East Asia or  West Africa.

Providing the rationale for the disposal Thai-based Mermaid said it had taken the strategic review on the disposal of the old Barges, which are more than 35 years of age and beyond the operating useful life, “with a view to maximizing value for the benefit of the Company’s stakeholders and to best position the Company for the challenges and opportunities facing the oil & gas industry.”

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