Thai OSV owner restructures debt on two DSVs

Mermaid Subsea Services (Thailand) Ltd, a subsidiary of Singapore-listed Mermaid Maritime Public Company Limited, has entered into an agreement with the Export-Import Bank of Thailand to borrow up to US$65M to extend financing on the dive support vessels, Mermaid Endurer and Mermaid Asiana.

The loan extends the financing for an additional five years and will settle the indebtedness under a previous credit facilities agreement for the two vessels.

Classed by DNV GL, Mermaid Endurer is a dynamic positioning class 2-capable dive support and light construction vessel, specially designed for operations in severe weather conditions such as the North Sea. The DSV is equipped with a built in 18-man single bell saturation diving system complete with a self-propelled hyperbaric lifeboat, with a 100-tonne active heave compensated knuckle boom crane and accommodation for 86.

Mermaid Asiana is dynamic positioning class 2-capable, equipped with a built in 12-man single bell saturation diving system with a self-propelled hyperbaric lifeboat. The vessel also has a 100-tonne active heave-compensated knuckle boom crane and accommodation for 100. Mermaid Asiana is designed for operations in the Middle East and Asia-Pacific region. It is under ABS class.

Mermaid Subsea operates eight subsea vessels globally in inspection, repair and maintenance, infrastructure installation support, remotely operated vehicle support, and cable and flexible pipe laying operations.