Mermaid Maritime, through its direct wholly-owned subsidiary, Mermaid Subsea Services (Thailand) (MSST), has entered into a joint venture agreement (JVA) with DS Global Offshore Engineering Singapore for the reactivation and commercial development of Mermaid Maritime’s existing offshore support vessel (OSV) Mermaid Commander.
Under the terms of the agreement, the OSV will be reactivated and repaired by DS Global. Upon completion of the reactivation works, the Vessel will be renamed DS Mermaid Commander.
Pursuant to the JVA, the parties have established a joint venture company in Singapore to serve as the investment and operating vehicle for the reactivation and subsequent commercial deployment of the vessel.
Under the arrangement, DS Global will undertake and fund the reactivation and repair work of the vessel.
MSST and DS Global will each own 50 per cent of the joint venture.
DS Global Offshore Engineering Singapore is a subsidiary of DS Global Offshore Engineering (Tianjin), a Chinese privately-owned company that specialises in offshore engineering.
