Mermaid Subsea Services to Acquire Swiber's Offshore Construction Vessel

OE Staff
Tuesday, November 2, 2021

Thai-based offshore services company Mermaid Subsea Services has signed a letter of intent with the offshore construction vessel Resiliant from Resiliant Offshore, a subsidiary of Swiber.

The vessel - previously known as Swiber Conquest - is a pipelay and accommodation work barge. It was built in 2005 and is flagged under Panama. The vessel is currently operating in Asia and is a suitable vessel for completing decommissioning work scopes.

In 2020, Mermaid Subsea Services formed a business unit to carry out decommissioning and other services. 

"This acquisition will allow [Mermaid Subsea Services] to secure long term access to this asset as part of its stated aim to act as a key provider of decommissioning services in Thailand and the surrounding region," Mermaid said announcing the letter of intent for the vessel acquisition.

Subject to the parties entering a formal sale and purchase agreement. Mermaid will buy the vessel for $7 million.

In a separate statement, Swiber said that the vessel has been mortgaged in favor of a financial institution under a loan deal with Swiber, and that the sale would enable the group to realize the value of the vessel and use the net proceeds from the proposed disposal towards partial repayment of the amounts owing to the financial institution, thereby reducing the liabilities of the group as part of the group's ongoing restructuring efforts.

Categories: Energy Vessels Industry News Activity Asia

Related Stories

Aker Solutions, PTAS JV Hooks Brownfield Services Extension off Brunei

CDWE Wraps Up Pin Pile Installation Job for Taiwanese Offshore Wind Farm

China's Sinopec Laucnhes $690M Hydrogen Venture Capital Funds

Velesto’s Jack-Up Rig Set for Drilling Job off Indonesia

Velesto’s Jack-Up Rig Up for Drilling Job Offshore Vietnam

Indonesia's Medco Starts Production at Natuna Sea Fields

Indonesia Grants Approval to Kuwaiti Firm for Anambas Block in Natuna Sea

ADNOC’s XRG Partners Up with Petronas for Offshore Gas Block in Caspian Sea

EnQuest Bags Two Production Sharing Contracts off Indonesia

Marine Masters Secures Wellhead Platforms Installation Job Off India

Current News

MODEC, Carbon Clean to Advance FPSO-Mounted Carbon Capture Tech

Aker Solutions, PTAS JV Hooks Brownfield Services Extension off Brunei

CDWE Wraps Up Pin Pile Installation Job for Taiwanese Offshore Wind Farm

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Azeri SOCAR Plans New Agreements with Oil and Gas Majors

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Fugro Lands Deepwater Gas Field Job in Southeast Asia

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

China's Sinopec Laucnhes $690M Hydrogen Venture Capital Funds

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com