Thailand’s Mermaid Subsea Services, a subsidiary of Mermaid Maritime, has struck a deal with PT David Marine, an affiliate of UAE-based Mubarak Marine, for the purchase of 50% ownership share in the 2011-built construction support vessel Millennium 3 for $16m.
The vessel is currently operating in the Persian Gulf where Mermaid Subsea has two dive support vessels as well as an ROV support vessel in operation.
Mubarak Marine will retain a 50% ownership interest in the vessel. Mermaid believes the move will increase its ability to pursue opportunities related to subsea cable-lay workscopes in the Persian Gulf region and other subsea-related projects.
“The Millennium 3 has as an established track record within the Persian Gulf, and the purchase of this interest will allow Mermaid Subsea Services much more extensive access to the vessel. By collaborating with PT David Marine in terms of managing the vessel, Mermaid will also gain the advantage of an experienced vessel manager and owner in terms of maintaining and operating the vessel,” the company said in a statement.