Mermaid adds one more DSV to fleet

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Mermaid Maritime has picked up a dive support vessel building in Norway for $91m.

The Mermaid Endurer will be Mermaid’s third newbuild sub-sea vessel due for delivery within the next six months. The DP2-rated newbuilding is under construction at Bergen Group BMV and is due to be delivered in the fourth quarter of 2009.

The vessel has been acquired from Norwegian company Aquanos Offshore AS.

Mermaid said the vessel is presently undergoing completion, commissioning and installation of the dive system.

“Independent reports on the construction of the vessel have confirmed it to be a modern and efficient design specification, built to high standards,” Mermaid said.

Primarily designed for harsh environments, the new vessel is suited for global sub-sea work capabilities, Mermaid added.

Mermaid said intends to fund the vessel acquisition through a combination of retained earnings and debt.

About 30% of the cost will be payable during the remaining phase of the construction with the balance of 70% due on delivery.

The Singapore-listed company’s existing sub-sea fleet is comprised of seven vessels, two of which are DSVs.

The latest addition, to be named Mermaid Endurer, is the third newbuild sub-sea vessel planned for delivery within the next six months.

Mermaid is due to take delivery of the DP2 DSV Mermaid Asiana and the DP2 ROV support vessel Mermaid Sapphire in the third and fourth quarters of 2009.

www.tradewinds.no

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