Mermaid Maritime, DS Global form JV to reactivate offshore vessel

The deal sets up local platform for reactivation and future deployment of support ship.

Mermaid Maritime Public Company Ltd has set up a Singapore-based joint venture with DS Global Offshore Engineering Singapore Pte Ltd to reactivate and commercialise an offshore support vessel, according to a company filing.

The joint venture company, DS Mermaid Pte Ltd, is incorporated in Singapore and will serve as the investment and operating vehicle for the vessel’s reactivation and future deployment.

Under the arrangement, the vessel Mermaid Commander will be reactivated and repaired by DS Global Offshore Engineering Singapore before being renamed DS Mermaid Commander upon completion.

Mermaid Maritime said its wholly owned subsidiary Mermaid Subsea Services (Thailand) Ltd holds a 50% stake in the joint venture through an in-kind contribution of the vessel.

DS Global Offshore Engineering Singapore holds the remaining 50% stake in return for undertaking and funding the vessel’s reactivation, repair, and ship management services.

The joint venture has an issued and paid-up capital of $2.58 (US$2), which is expected to be increased to $25.81m (US$20m) by the third quarter of 2026 to reflect the value of each party’s contribution.

Mermaid Maritime said the structure is intended to support the vessel’s reactivation and commercial deployment.

It added that the investment is funded through the in-kind contribution of the vessel and is not expected to have an impact on net tangible assets.

The company said none of its directors or substantial shareholders has any interest in the transaction other than through their existing shareholdings or directorships, if any.

($1.29 = US$1)