Seascape Takes Delivery of DP2 RSV Resolution

Mermaid Maritime Public Company Limited refers to its previous announcement on 19 July 2013 and announces that its Jakarta-based subsea and survey unit PT Seascape Surveys Indonesia (“Seascape”) has taken delivery of the DP2 Remotely Operated Vehicle Support Vessel (“RSV”) renamed ‘Resolution’ on long term charter for an initial period of three years plus options for up to an additional two years.

This newest addition to Mermaid’s subsea fleet represents a boost to Seascape’s capabilities and was prompted following the award of two major inspection, repair and maintenance (“IRM”) contracts in Indonesia for its other charter-in vessel DP2 RSV ‘Endeavour’ which is now committed through to 2016.

Peter Reichlmeier, Managing Director of Seascape, said: “We targeted these major IRM contracts in Indonesia last year and won what we went after. To perform these contracts and continue with where we were before those projects meant we needed another vessel. Now, the most immediate goal is to have that second vessel up and running and achieving its target utilisation.”

The DP2 RSV ‘Resolution’ already has several confirmed project commitments in Thailand and Indonesia during the first half of 2014.

Mermaid’s own DP2 RSV ‘Mermaid Sapphire’ has arrived in Myanmar and carrying out subsea pipeline and free span rectification work in the Andaman Sea. The vessel is expected to be committed until January 2014. Subsequently, it will demobilize back to Thailand to take on IRM works for multiple project commitments for durations of 30 to 60 days until mid-2014.

In parallel to these developments, Mermaid’s Middle East unit Subtech Ltd. (“Subtech”) is also scheduled to take delivery of a new build DP2 construction barge ‘Mubarak Supporter’ on short term project charter to add to its expanding project commitments in the Middle East. The vessel is now expected to be delivered to Subtech in April 2014 for a subsea cable installation project.

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Press Release, December 18, 2013