Thailand-headquartered subsea and offshore drilling services company Mermaid Maritime Public Company Limited has established a joint venture (JV) company in Singapore to serve as the investment and operating vehicle for the reactivation and subsequent commercial deployment of an existing offshore support vessel.
In a move poised to impact the offshore industry, Mermaid Subsea Services (Thailand) has joined forces with DS Global Offshore Engineering Singapore. This partnership marks a significant step forward in the strategic reactivation and commercial development of the Mermaid Commander, a vessel that has been part of the maritime landscape since 1987. The decision to reactivate this existing offshore support vessel underscores both companies’ commitment to enhancing operational capabilities in the region.
The joint venture agreement places DS Global Offshore Engineering—a subsidiary of the privately-owned DS Global Offshore Engineering (Tianjin), a renowned player in offshore engineering—at the helm of the reactivation process. This strategic alliance is designed to leverage combined resources and expertise, ensuring that the Mermaid Commander is not just refurbished but optimized for the modern maritime market.
As part of the joint venture, a new entity, DS Mermaid Pte. Ltd., has been established in Singapore. This entity will function as the main hub for investment and operations focused on the vessel’s revival. Mermaid Subsea Services will hold a 50% stake, contributing the Mermaid Commander itself as an in-kind asset. The remaining 50% belongs to DS Global, which is tasked with funding and managing the reactivation and repair work necessary to bring the vessel back to operational status.
This collaboration aims to focus on ship management and the commercial development of the Mermaid Commander, with particular attention given to establishing a strong foothold in the offshore maritime market. The slew of planned upgrades and modifications will ensure that the vessel meets current industry standards and responds to the evolving demands of offshore operations. Once the reactivation and upgrades are complete, the vessel will be proudly renamed to DS Mermaid Commander, marking a fresh start for its journey in the sector.
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