Mermaid Subsea Services Buys 50% Stake in Offshore Construction Vessel Millennium 3

Thai-based offshore services company Mermaid Subsea Services has agreed to buy a 50% ownership share in the Millennium 3 offshore construction vessel from PT David Marine for $16 million.

The Millennium 3 is a DP2 construction support vessel built in 2011 in Indonesia by Nantong Dongjiang Shipyard Co. Ltd. and is currently operating in the Persian Gulf. Classified by Bureau Veritas, the ship is flagged under the state of Comoros, with Moroni listed as its port of registration. 

The vessel has a 300-ton crane and accommodation berths for 239 personnel. The seller, PT David Marine, is affiliated with Mubarak Marine, a UAE-based company that provides, similar to Mermaid, subsea engineering in the region.

"[Mermaid Subsea Services] already has an extensive track record in the Persian Gulf providing subsea cable lay services, as well as "Remotely Operation Vehicles" ("ROV") and sub-sea diving services for contracts related to Inspection Repair and Maintenance ("IRM"); Call-Out and construction contracts. 

"[Mermaid Subsea Services] currently owns and operates two dive support vessels ("DSVs") as well as an ROV support vessel in the Persian Gulf, and regularly charters sub-sea vessels to complete additional projects in both the Persian Gulf, the Gulf of Thailand, and elsewhere in South East Asia," Mermaid said. 

Mermaid said that acquiring a 50% stake in Millennium 3 would allow it to secure long-term access to the vessel as part of its subsea growth strategy and expand the scope of its core services while complementing existing services. 

"[Mermaid Subsea Services]considers that purchasing an interest in the M.V. "Millennium 3" will increase the ability of [Mermaid Subsea Services] to pursue opportunities related to subsea cable-lay workscopes in the Persian Gulf region and other subsea-related project works. 

"The M.V. "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," Mermaid Subsea Services said.